Philips to Sell Domestic Appliances Business for EUR3.7 Billion
March 25 2021 - 6:41AM
Dow Jones News
By Jaime Llinares Taboada
Koninklijke Philips NV said Thursday that it has agreed to sell
its Domestic Appliances business for 3.7 billion euros ($4.37
billion) to investment firm Hillhouse Capital.
The Dutch technology company said it expects to receive EUR3
billion in cash for the sale, after taxes and transaction-related
costs.
In addition, Philips and Domestic Appliances will enter into an
15-year exclusive brand license agreement for an estimated value of
EUR700 million over the period, resulting in a total transaction
value of EUR4.4 billion.
The deal is expected to be completed in the third quarter of
2021.
Domestic Appliances achieved EUR2.2 billion of sales in 2020,
including kitchen, coffee, garment care and home care
appliances.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
March 25, 2021 06:26 ET (10:26 GMT)
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