Philips: divests home appliances business
(CercleFinance.com) - The Philips share is up over 1% in Amsterdam after the healthcare technology group agreed to sell its home appliances business to Hillhouse Capital for an enterprise value of around 3.
7 billion euros.
The Dutch company expects to receive cash proceeds after tax and transaction-related costs of about 3 billion euros, upon completion, which is expected in the third quarter of 2021, subject to customary closing conditions.
The divestiture is accompanied by an additional 15-year brand license agreement with annual payments that represent an estimated net present value of about 0.7 billion euros, resulting in a total transaction value of approximately 4.4 billion euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
7 billion euros.
The Dutch company expects to receive cash proceeds after tax and transaction-related costs of about 3 billion euros, upon completion, which is expected in the third quarter of 2021, subject to customary closing conditions.
The divestiture is accompanied by an additional 15-year brand license agreement with annual payments that represent an estimated net present value of about 0.7 billion euros, resulting in a total transaction value of approximately 4.4 billion euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.