Exor has reached an agreement with Philips, the world leader in healthcare technology. With this agreement, the holding company of the Agnelli family has acquired a 15% stake in the company that once operated in consumer electronics. 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.
Exor’s investment in Philips, which will not have any dilutive effect, was made with the purchase of shares on the market and with an agreement with an important financial institution. The agreement provides for Exor’s commitment to be a long-term minority investor, with the right to propose a supervisory board member. 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. Exor aims to increase its presence in the healthcare and technology sectors.
“Philips’ journey of change 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 the ambitious plans of Philips under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs”. underlines John Elkann, CEO of Exor.
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