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Electronics Production | March 12, 2008

Philips sells $1 billion stake in LG Display

The Dutch electronics company Philips continues to sell stock in its flat screen joint venture with LG Display.
A term sheet states that Philips is selling $1 billion worth of shares at a discount of 4.8 to 8.1%. This means that the company will sell 23 million ordinary shares (6.32%) at a range of 42,750 - 44,250 won per share in a deal handled by Citigroup and Credit Suisse.

This will reduce Philips holdings in LG.Philips LCD, to 13.5% (from 19.9%), while LG Electronics holds 37.9%. An over-allotment option could increase the sale by 25%, thus lifting the value of the deal to about $1.29 billion.

In October, Philips sold a $2.2 billion holding in the joint venture. LG Display had been looking for a strategic buyer to take up the Philips stake.

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