Exor has reached an agreement with Philips, the global leader in healthcare technology, under which the Agnelli family holding company acquired a 15% stake in Philips. Exor’s investment, which fully supports the company’s top management and strategy as well as its ability to create value, provides for Exor to appoint a member of the Supervisory Board of Philips.
The dialogue with Philips, underlines a note, was initiated following the desire of the group led by John Elkann to increase its presence in the health and technology sectors. Exor’s investment in Philips will not have any dilutive effect and was achieved through the purchase of shares on the market, as well as through an agreement with an important financial institution.
The agreement between the parties provides for Exor’s commitment to be a long-term minority investor, with the right to propose a member of the Supervisory Board, in addition to various usual conditions. While 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 a maximum limit of 20% of Philips’ outstanding common stock.