Exor, a holding company owned by the Agnelli family, has signed an agreement with Philips, a leading healthcare technology company. Exor has acquired 15% of the shares of Philips, a company that once operated in consumer electronics but which, starting in 2011, sold these assets to focus more and more on the sector of new technologies for health.
Exor's investment in Philips fully supports the company's guidance, strategy and value creation prospects, including the designation of a member for the Supervisory board by Philips.
Buying shares on the market
Exor's investment in Philips was made through thebuying shares on the market and through a agreement with a major financial institution. Exor is committed to being a long-term minority investor and has the right to propose a member for the supervisory board.
Possibility to increase up to 20%
While Exor has no plans for further purchases of Philips shares in the near term, the agreement provides that it may, at its discretion, increase your stake up to a maximum of 20% of the outstanding ordinary share capital of Philips.
Exor's goal is to expand its presence in the health care and technology sectors.
“Exor's investment in Philips, their long-term perspective and increased focus on healthcare and technology complements our strategy and significant value creation potential. With our market leadership positions and people-focused innovation capabilities, Philips is well positioned to deliver on our purpose of improving people's health and well-being, while creating value for all stakeholders,” he said. Roy JacobsCEO Royal Phillips.
“Philips' journey of change in recent years has created a company that combines two sectors – health and technology – to which we are committed. Our discussions confirmed the strong and positive fit between our long-term and supportive approach to our businesses and the ambitious plans of Philips under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs” commented John ElkannCEO Exor.
