In a statement, Philips announced the launch of an accelerated bookbuilding to sell 13.8 million shares in Signify.

Signify will not receive any proceeds from the transaction after which Philips will not hold any shares in Signify, the Dutch medical equipment company said.

Morgan Stanley acted as bookrunner and Rothschild advised Philips, with the transaction expected to settle on Sept. 24, Philips said.

(Reporting by Toby Sterling in Amsterdam and Juby Babu in Bengaluru; Editing by Chris Reese and Franklin Paul)