Healthcare technology titan Philips partners with Exor N.V.
Global health technology leader Royal Philips has begun a business relationship with diversified Dutch holding company, Exor N.V.. Exor has brought a 15% shareholding in Philips for US$2.8bn.
Strategic alliance between global health technology & holding company
Exor N.V. is among Europe’s biggest diversified holding companies and is the investment part of Italy's Agnelli family, with a Net Asset Value of around €34bn and a portfolio including Ferrari, Stellantis, CNH Industrial, Juventus FC, Iveco Group, The Economist, GEDI Gruppo Editoriale and SHANG XIA.
For 130 years, Philips has been helping people to live healthier lives, from building medical imaging systems to providing respiratory care.
In the last decade, the company has evolved to become a leader in health technology and its new business relationship with Exor will ‘provide stable and committed support for long-term value creation’ plans.
The relationship agreement includes:
- Exor’s commitment to be a long-term minority investor
- The right to propose one member to the Supervisory Board
- At Exor’s discretion, it will increase its participation to a maximum limit of 20% of Philips’ outstanding ordinary share capital.
A business relationship built on healthcare and technology
The Royal Philips leadership team is looking forward to seeing where the business relationship with Exor will take them.
“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,” said Roy Jakobs, CEO of Royal Philips. “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.”
“We welcome Exor as a long-term investor in Philips,” said Feike Sijbesma, Chairman of the Supervisory Board of Royal 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.”
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