De Brauw advises Philips on relationship agreement with Exor as cornerstone
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We advised Koninklijke Philips N.V., a global leader in health technology, on entering into a relationship agreement with EXOR N.V., a diversified holding company controlled by the Agnelli family, as a cornerstone investor.
Exor bought 15% of shares in Philips, representing an investment of more than EUR 2.5 billion, with the possibility to further increase the investment over time to a maximum of 20% of Philips shares. The terms of the partnership are set out in a relationship agreement.
Philips considers Exor's investment, long-term outlook and increased focus on healthcare to fit well with Philips' strategy and substantial value creation potential. Exor's major investment underlines its confidence in Philips' transformation into a healthcare technology company and its growth and value potential.