The Agnelli family buys 15% of Philips for about 2,600 million

MADRID, 14 Ago.

The Agnelli family buys 15% of Philips for about 2,600 million


Exor, the Agnelli family holding company, has acquired a 15% stake in the Dutch health technology company Royal Philips with an investment of around 2.6 billion euros, a company spokesperson confirmed to Europa Press.

Exor's investment in Philips will not give rise to any dilution of shares and has been carried out through purchases of shares in the market and an agreement with a major financial institution, as explained by the multinational.

Discussions between Exor and Philips began against the background of the holding company's declared interest in increasing its presence in the healthcare and technology sectors.

In this regard, the relationship agreement between the parties includes Exor's commitment to be a long-term minority investor and the right to propose a member to the supervisory board, as well as various customary conditions.

While Exor does not plan to purchase more shares of Philips anytime soon, over time the relationship agreement provides for Exor, at its discretion, to increase its holding up to a maximum limit of 20% of the outstanding common share capital of Philips.

"Exor's investment in Philips, its long-term outlook and increased focus on healthcare and technology, fit well with our strategy and potential for substantial value creation," said Roy Jakobs, CEO of Royal Philips.

For his part, John Elkann, CEO of Exor, highlighted that the path of change taken by Philips in recent years has created a company that combines two areas, health and technology, to which the holding company is committed.

"Our discussions have confirmed the strong and positive alignment between our long-term support approach for our businesses and Philips' ambitious plans," he added.