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Dutch holding Exor buys 15% of Philips shares for €2.6 billion


Exor NV, owned by the Agnelli family, has acquired a minority stake in Koninklijke Philips NV in a vote of confidence for a troubled Dutch healthcare company that is fighting high-priced product recalls.


Exor acquired a 15% stake in Philips through a market share purchase and an agreement with a major financial institution.


Exor will take a seat on the Philips Supervisory Board.


Under the leadership of John Elkann, Exor, which had a net asset value of about €28 billion at the end of December, has diversified its investments in recent years not only in the automotive industry, but also in healthcare, technology, financial services and luxury goods.


“The path of change that Philips has taken in recent years has resulted in the creation of a company that combines two areas – healthcare and technology – to which we are committed,” Elkann, leader of the billionaire family and chief executive officer of Exor, said in a joint statement.


Exor's investment is "positive and supportive" of Philips' management team and business plan, company executives said in a press conference.


Philips, a maker of ventilators and cardiographs, has been battling the uncertainty of recalling millions of sleep apnea medical devices since June 2021.


Over the past couple of decades, the 132-year-old Philips has moved away from its historical roots in consumer electronics like shavers, TVs and toasters. In 2014, Philips severed its relationship with its core lighting business to focus solely on healthcare. Today the company is one of the world's largest manufacturers of respirators and body scanners.

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Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
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