Exor, the investment company backed by the Italian Agnelli family, has acquired a 15 percent stake in Dutch medical technology firm Philips. The value of the transaction is approximately EUR 2.6 billion.
Long-term plans
Exor intends to be a long-term shareholder in Philips. He bought the stake on the market, but the two companies have a relationship agreement. Exor does not plan to increase its shareholding further in the near future, but may increase it to up to 20 percent under the agreement.
Philips used to be an industrial conglomerate, but in the last two decades it has divested most of its divisions and focused on medical technology, including various imaging devices and patient monitoring equipment.
Exor shares
Exor is the largest shareholder of Ferrari, Stellantis and CNH Industrial. He has recently invested in Institut Merieux, Lifenet and Via Transportation in the healthcare sector. The firm’s portfolio is worth about €33 billion.
Philips shares have lost more than two-thirds of their value due to a major product recall that began in 2021, Reuters reported. But they are firming this year under new CEO Roy Jacobs. In the second quarter, the company reported earnings before interest, taxes, depreciation and amortization of 453 million euros and slightly improved its financial targets for the full year.
Source Czech Press Office
