Philips Plans To Sell 10.8% Of Signify Shares For 357 Million Euros

- Sep 26, 2019-

Philips Plans to sell 10.8% of Signify shares for 357 million euros

Dutch medical equipment company Philips said on last Thursday that it plans to sell the remaining 10.7% stake in Signify NV or €25.9 per share, for about 357 million euros.

In a statement, Philips announced that it will speed up bookkeeping to sell 13.8 million Signify shares. The company said that Philips will no longer hold any shares in Signify. The deal may be finalized on September 24.

It is understood that in 2017, Royal Philips said it hopes to sell all of its controlling shares, which was spun off in May 2016, in order to focus on medical equipment and other health care products.