China World Technology Medical Equipment Service Group
Exor becomes a long-term investor in Philips supporting the company’s strategy
Amsterdam, The Netherlands – Royal Philips, a global leader in health technology, and Exor NV, a Dutch diversified holding company, announce that they have signed a partnership agreement whereby Exor has acquired a 15% stake in Philips. This investment by Exor fully supports Philips' leadership, strategy and value creation potential and allows Exor to nominate a member of Philips' Supervisory Board.
Philips' Sustainable Impact Strategy and Value Creation Program aims to improve people's health and well-being through meaningful innovation. With an innovative product portfolio and a strong customer base, the company has a leading market position in the attractive health technology segment.
The relationship agreement includes Exor's commitment to be a long-term minority investor, the right to nominate a member of the supervisory board, and several customary conditions. While Exor does not intend to purchase further Philips shares in the near term, over time the relationship agreement provides for Exor's sole discretion to increase its participation to 20% of the issued common share capital of Philips.
Exor CEO John Elkann commented: "The transformative path Philips has taken in recent years has created a company that combines the two worlds of healthcare and technology, which we are committed to. Our discussion Confirms the strong alignment between our long-term supportive approach to the company and Philips' ambitious plans under the leadership of Chairman Feike Sijbesma and the executive team led by Roy Jakobs Powerful positive consistency.”
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