© philips
Business |
Philips sells 17 million shares in Lighting unit
Koninklijke Philips has completed the accelerated bookbuild offering to institutional investors of 17.1 million shares in Philips Lighting N.V. at a price of EUR 32 per share, realising total proceeds of approximately EUR 547 million.
This transaction reduces Royal Philips’ stake in Philips Lighting’s issued share capital from 40.97 to 29.01 percent. As part of this transaction, Philips Lighting will repurchase 2.8 million shares in the Offering and intends to cancel these shares.
The transaction is expected to settle on Friday December 1, 2017 and is in line with Royal Philips' stated objective to "fully sell down its stake in Philips Lighting over the next years".
Following the transaction, Royal Philips will no longer have control over Philips Lighting. As Royal Philips’ shareholding in Philips Lighting now falls below 30 percent, Frans van Houten will step down from the Supervisory Board effective per the end of this year.
