Exor becomes a long-term investor in Philips supporting the company's strategy
14 Agosto 2023 - 7:00AM
Exor becomes a long-term investor in Philips supporting the
company's strategy
Press Information
August 14, 2023
Exor becomes a long-term investor in
Philips supporting the company’s
strategy
Amsterdam, the Netherlands – Royal Philips
(NYSE: PHG; AEX: PHIA), a global leader in health technology, and
Exor N.V. (AEX: EXO), the Netherlands-based diversified holding
company, announce they have entered into a relationship agreement
as a result of which Exor has bought a 15% shareholding in Philips.
This investment by Exor is fully supportive of Philips’ leadership,
strategy and value creation potential and provides for Exor to
nominate one member to the Supervisory Board of Philips.
Philips’ strategy and value creation plan with sustainable
impact is based on its purpose to improve people's health and
well-being through meaningful innovation. The company has leading
market positions in attractive health technology market segments
enabled by an innovative portfolio and strong customer base.
Exor aims to build great companies providing stable and
committed support for their long-term value creation plans. The
discussions between Exor and Philips were initiated in the context
of Exor’s stated interest in increasing its presence in the
healthcare and technology sectors. Exor’s investment in Philips
will not result in any share dilution and has been carried out by
way of on-market share purchases and an agreement with a major
financial institution.
The relationship agreement includes Exor’s commitment to be a
long-term minority investor and the right to propose one member to
the Supervisory Board, as well as several customary conditions.
While Exor does not plan to buy further Philips shares in the short
term, over time the relationship agreement provides for Exor,
at its discretion, to increase its participation to a maximum
limit of 20% of Philips’ outstanding ordinary share
capital. The relationship agreement can be accessed here.
Roy Jakobs, CEO of Royal Philips, said: “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. 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.”
Feike Sijbesma, Chairman of the Supervisory Board of Royal
Philips, said: “We welcome Exor as a long-term investor in 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.”
John Elkann, Exor’s CEO, commented: “The path of change
taken by Philips in recent years has created a company that
combines two areas – healthcare and technology – to which we are
committed. Our discussions have confirmed the strong and positive
alignment between our long-term, supportive approach to our
companies and Philips’ ambitious plans under the chairmanship of
Feike Sijbesma and the executive team led by Roy Jakobs.”
For further information, please contact:
Philips Global Media
RelationsSteve KlinkTel.: +31 6 10888824E-mail:
steve.klink@philips.com
Philips Investor RelationsLeandro MazzoniTel.:
+31 20 5977055E-mail: leandro.mazzoni@philips.com
Exor Media Relations
Tel.: + 31 20 240 2221
E-mail: media@exor.com
Exor Investor Relations
Tel.: + 31 20 240 2222E-mail: ir@exor.com
About Royal PhilipsRoyal Philips (NYSE: PHG,
AEX: PHIA) is a leading health technology company focused on
improving people's health and well-being through meaningful
innovation. Philips’ patient- and people-centric innovation
leverages advanced technology and deep clinical and consumer
insights to deliver personal health solutions for consumers and
professional health solutions for healthcare providers and their
patients in the hospital and the home. Headquartered in the
Netherlands, the company is a leader in diagnostic imaging,
ultrasound, image-guided therapy, monitoring and enterprise
informatics, as well as in personal health. Philips generated 2022
sales of EUR 17.8 billion and employs approximately 71,500
employees with sales and services in more than 100 countries. News
about Philips can be found at www.philips.com/newscenter.
About ExorExor N.V. (AEX: EXO), is the
Netherlands based diversified holding company, listed on the AEX.
For over a century, Exor has built great companies and made
successful investments worldwide with a culture that combines
entrepreneurial spirit and financial discipline. With a Net Asset
Value of around EUR 33 billion, its portfolio is principally made
up of companies in which Exor is the largest shareholder including
Ferrari, Stellantis and CNH Industrial. More recently, in the
healthcare sector Exor has made important investments in Institut
Mérieux and in Lifenet Healthcare while in the technology sector it
has become the largest single shareholder in VIA Transportation
Inc.
Forward-looking statements This statement
contains certain forward-looking statements with respect to the
financial condition, results of operations and business of Philips
and certain of the plans and objectives of Philips with respect to
these items. Examples of forward-looking statements include
statements made about the strategy, estimates of sales growth,
future EBITA, future developments in Philips’ organic business and
the completion of acquisitions and divestments. By their nature,
these statements involve risk and uncertainty because they relate
to future events and circumstances and there are many factors that
could cause actual results and developments to differ materially
from those expressed or implied by these statements.
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
- Exor becomes a long-term investor in Philips supporting the
company's strategy
Grafico Azioni Exor NV (BIT:EXO)
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Da Mar 2024 a Apr 2024
Grafico Azioni Exor NV (BIT:EXO)
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