Sam Brusco, Associate Editor08.14.23
Philips and Exor, a Netherlands-based diversified holding firm, began a relationship agreement wherein Exor bought a 15% shareholding stake in Philips. Exor can also nominate one member to Philips’ supervisory board.
Exor and Philips’ discussions began in the context of Exor’s interest in increasing its presence in the healthcare and technology sectors. According to Philips, Exor’s investment won’t result in share dilutions and has been carried out by way of on-market share purchases and a deal with a major financial institution.
Exor will be a long-term minority investor and doesn’t plan to buy further Philips shares in the short term. The terms of the deal allows Exor to increase participation to a maximum limit of 20% of Philips’ outstanding ordinary share capital.
Roy Jakobs, CEO of Royal Philips, told the press: “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. 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.”
Feike Sijbesma, chairman of the supervisory board of Royal Philips, added: “We welcome Exor as a long-term investor in Philips. They have a successful track record and clear strategy to grow and develop in healthcare and technology. Exor’s substantial investment underlines their confidence in Philips’ transformation into a healthcare technology company and its growth and value potential.”
John Elkann, Exor’s CEO, commented: “The path of change taken by Philips in recent years has created a company that combines two areas – healthcare and technology—to which we are committed. Our discussions have confirmed the strong and positive alignment between our long-term, supportive approach to our companies and Philips’ ambitious plans under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs.”
Exor and Philips’ discussions began in the context of Exor’s interest in increasing its presence in the healthcare and technology sectors. According to Philips, Exor’s investment won’t result in share dilutions and has been carried out by way of on-market share purchases and a deal with a major financial institution.
Exor will be a long-term minority investor and doesn’t plan to buy further Philips shares in the short term. The terms of the deal allows Exor to increase participation to a maximum limit of 20% of Philips’ outstanding ordinary share capital.
Roy Jakobs, CEO of Royal Philips, told the press: “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. 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.”
Feike Sijbesma, chairman of the supervisory board of Royal Philips, added: “We welcome Exor as a long-term investor in Philips. They have a successful track record and clear strategy to grow and develop in healthcare and technology. Exor’s substantial investment underlines their confidence in Philips’ transformation into a healthcare technology company and its growth and value potential.”
John Elkann, Exor’s CEO, commented: “The path of change taken by Philips in recent years has created a company that combines two areas – healthcare and technology—to which we are committed. Our discussions have confirmed the strong and positive alignment between our long-term, supportive approach to our companies and Philips’ ambitious plans under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs.”