Exor: buys 15% stake in Philips
Agreement between Royal Philips, a global leader in healthcare technology, and Exor NV, a diversified holding company based in the Netherlands, regulating the relationship between the parties under which Exor has acquired a 15% stake in Philips. This was announced by Philips and Exor in a press release. The investment requires Exor to appoint a member of the supervisory board of Philips. The deal also includes a commitment from Exor to be a long-term minority investor, as well as several customary terms. Although Exor does not intend to purchase additional Philips shares in the near term, the agreement provides that over time it may – at its discretion – increase its stake up to the maximum limit of 20% of the outstanding ordinary capital of Philips.
John Elkann (Exor): «The path of change undertaken by Philips in recent years has created a company that combines health and technology”
John Elkann, CEO of Exor, commented: “The path of change undertaken by Philips in recent years has created a company that combines health and technology, two sectors in which we are engaged. Our conversations confirmed the strong and positive alignment between our long-term approach to support the development of our companies and Philips’ ambitious plans.”
“Exor’s investment, its long-term perspective and growing focus on health and technology fit well with our strategy and significant potential for value creation. With our market leadership positions and our people-centric innovation capabilities, Philips is well positioned to deliver on the goal of improving people’s health and well-being, while creating value for all stakeholders,” said Roy Jacobs, CEO of Royal Philips.
Feike Sijbesma, Chairman of the Supervisory Board of Royal Philips, said: “We welcome Exor as a long-term investor in Philips. It has a successful track record and a clear growth and development strategy in the healthcare and technology sectors. Exor’s significant investment underscores its confidence in the transformation of Philips into a company specializing in health technology, as well as in its growth potential and value”.
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