2023-08-14 14:03:57
Updated Monday, August 14, 2023 – 14:03
The agreement establishes that the family holding Exor increases its participation up to a maximum limit of 20%
John Elkann, CEO of Exor, in a file image.EM
Exorthe Agnelli family holding company, has acquired a stake in the 15% at the Dutch healthcare technology company Royal Philips with an investment of around 2.6 billion of euros, as confirmed by Europa Press a company spokesperson.
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 stated interest in increasing its presence in the healthcare and technology sectors. In this sense, the relationship agreement between the parties includes Exor’s commitment to be a long-term minority investor and the right to propose a member for the supervisory board, as well as several usual conditions.
While Exor does not plan to buy more shares of Philips in the near term, 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 ordinary 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,” he said. Roy JacobsCEO of Royal Philips.
on your side, John ElkannCEO 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.
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