Dutch investment firm Exor takes 15 percent stake in Philips for around USD 2.8 billion
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Amsterdam: Healthcare technology company Philips has said that Dutch investment firm Exor NV has taken a 15% stake in the company in a deal worth around 2.6 billion euros ($2.84 billion).
The companies said in a statement that Exor, which intends to be a long-term shareholder, had purchased its stake on the open market, though the firms have a relationship agreement in place.
"Exor's substantial investment underlines their confidence in Philips' transformation into a healthcare technology company and its growth and value potential," Philips Chairman Feike Sijbesma said in a statement.
Exor, with a portfolio worth 33 billion euros, has Italian roots and is the largest shareholder in Ferrari, Stellantis and CNH Industrial, and has recently made healthcare industry investments in Institut Merieux and Lifenet as well as Via Transportation Inc.
Philips, once an industrial conglomerate, has shed most of its divisions over the past two decades to become a maker of healthcare technology, including scanners and patient monitoring devices.
Its shares have lost more than two-thirds of their value due to a major product recall that began in 2021, though they have regained ground under new CEO Roy Jakobs this year.
In the second quarter, the company reported earnings before interest, taxes, depreciation and amortization of 453 million euros and slightly upgraded financial targets for the full year, forecasting sales growth in the "mid single digits.
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