(Tiper Stock Exchange) – Exor announces that it has entered into an agreement for the purchase of a 15% stake in Philips. Exor’s investment – explains a note – supports fully the leadership, strategy and the value creation potential of Philips and represents a long-term investment for Exorwhich will remain a minority investor for a long time e will also appoint a member of the Supervisory Board by Philips.
Philips’ strategy and sustainable value creation plan are based on the objective of improve people’s health and well-being through innovation and leadership in healthcare. From her side, Exor aims to back large companiesproviding stable support for their long-term value creation plans.
Exor’s investment in Philips it will not lead to any dilution of the shares and was carried through stock purchases on the market and an agreement with a leading financial institution.
Exor does not plan to purchase additional Philips shares in the short term, but the agreement provides that Exor, at its discretion, will increase its shareholding up to one maximum limit of 20% of the outstanding ordinary share capital of Philips.
“Exor’s investment in Philips, the long-term perspective and growing focus on healthcare and technology, fit well with our strategy and offer 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 JacobsCEO of Royal Philips.
Feike SijbesmaChairman of the Supervisory Board of Royal Philips, added “We welcome Exor as a long-term investor in Philips. The company 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 Philips’ transformation into a specialist healthcare technology company, as well as its potential for growth and value.”
“Philips’ journey of change over the past few years has created a company that combines two areas – healthcare and technology – in which we are engaged. Our discussions confirmed the strong and positive alignment between our approaches and long-term support 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”, commented John ElkannCEO of Exor.