Joint announcement from Philips and Exor
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. The company has leading market positions in attractive health technology market segments enabled by an innovative portfolio and strong customer base.
Exor aims to build great companies providing stable and committed support for their long-term value creation plans. 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. 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 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. 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.
For further information, please contact:
Philips Global Media Relations
Tel.: +31 6 10888824
E-mail: steve.klink@philips.com
Philips Investor Relations
Tel.: +31 20 5977055
E-mail: leandro.mazzoni@philips.com
Exor Media Relations
Tel.: + 31 20 240 2221
E-mail: media@exor.com
Exor Investor Relations
Tel.: + 31 20 240 2222
E-mail: ir@exor.com
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in
About Exor
Exor N.V. (AEX: EXO), is
Forward-looking statements
This statement contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Attachments
- A Philips Azurion Image-Guided Therapy system in use
- Philips CT scanner operated by doctor and tech support in the control room
- A nurse reassuring a child and mother before the MRI exam by means of Pediatric Coaching
- A nurse using
EPIQ Elite Ultrasound system - Mother and kid brushing with the new Sonicare for Kids Pets
Source: Royal Philips
2023 GlobeNewswire, Inc., source