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Electronics Production | August 04, 2006

Philips semiconductor unit sold for $8,2 billion

Philips has announced that has agreed to sell an 80.1 percent stake in its semiconductor unit to a private equity group for 6.4 billion euros ($8.2 billion).
Philips has signed an agreement with Kohlberg Kravis Roberts & Co., Silver Lake Partners and AlpInvest Partners NV. The consortium will acquire an 80.1% stake in Philips' Semiconductors business, with Philips retaining a 19.9% stake in this business.

The transaction will put the enterprise value for Philips' Semiconductors business at approximately EUR 8.3 billion – consisting of EUR 3.4 billion purchasing price, EUR 4.0 billion for debt and other liabilities, and EUR 0.9 billion for Philips' remaining stake. Philips estimates it will receive cash proceeds after tax and transaction related costs of approximately EUR 6.4 billion. The transaction is expected to close in the fourth quarter of 2006, subject to closing conditions, including governmental and regulatory approvals.
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