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Royal Philips sells 26.0 million shares in Philips Lighting
Royal Philips has completed the accelerated bookbuild offering to institutional investors of 26.0 million shares in Philips Lighting, realising total proceeds of EUR 608 million.
This transaction reduces Royal Philips’ stake in Philips Lighting’s outstanding share capital from 71.225 percent to approximately 53.892 percent.
As part of this transaction, Philips Lighting will repurchase 3.5 million Shares in the offering and intends to cancel these shares.
The transaction is expected to settle on 13 February 2017. Royal Philips has agreed to a lockup in respect of its remaining stake in Philips Lighting until 21 April 2017 (subject to limited exceptions and the Joint Bookrunners’ right to waive the lock-up restrictions).
