Exor’s substantial investment underlines their confidence in Philips’ transformation into a healthcare technology company and its growth and value potential.” They have a successful track record and clear strategy to grow and develop in healthcare and technology. With our market leadership positions and people-centric innovation capabilities, Philips is well positioned to deliver on our purpose to improve the health and well-being of people, creating value for all stakeholders.”įeike Sijbesma, Chairman of the Supervisory Board of Royal Philips, said: “We welcome Exor as a long-term investor in Philips. Roy Jakobs, CEO of Royal Philips, said: “Exor’s investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential. While Exor does not plan to buy further Philips shares in the short term, over time the relationship agreement provides for Exor, at its discretion, to increase its participation to a maximum limit of 20% of Philips’ outstanding ordinary share capital. The relationship agreement can be accessed here. The relationship agreement includes Exor’s commitment to be a long-term minority investor and the right to propose one member to the Supervisory Board, as well as several customary conditions. Exor’s investment in Philips will not result in any share dilution and has been carried out by way of on-market share purchases and an agreement with a major financial institution. The discussions between Exor and Philips were initiated in the context of Exor’s stated interest in increasing its presence in the healthcare and technology sectors. The company has leading market positions in attractive health technology market segments enabled by an innovative portfolio and strong customer base.Įxor aims to build great companies providing stable and committed support for their long-term value creation plans. Philips’ strategy and value creation plan with sustainable impact is based on its purpose to improve people's health and well-being through meaningful innovation. This investment by Exor is fully supportive of Philips’ leadership, strategy and value creation potential and provides for Exor to nominate one member to the Supervisory Board of Philips. (AEX: EXO), the Netherlands-based diversified holding company, announce they have entered into a relationship agreement as a result of which Exor has bought a 15% shareholding in Philips.
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG AEX: PHIA), a global leader in health technology, and Exor N.V.
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