Koninklijke Philips N.V. (PHIA.AE) said Wednesday that it has sold a 12% stake in Philips Lighting NV (LIGHT.AE), raising proceeds of 547 million euros ($648.2 million) and ending its control of the lighting manufacturer.
The Dutch healthcare technology company placed 17.1 million shares in Philips Lighting at EUR32 each in an accelerated bookbuild, reducing its stake in Philips Lighting to 29% from 41%. The company said that the sale is in line with its previously announced intention to fully sell down its stake in Philips Lighting over the coming years.
Philips Lighting said in a separate statement Tuesday that it repurchased 2.8 million of its own shares in the stake sale for EUR90 million. It said that it intends to cancel the repurchased shares as part of its previously stated aim to return up to EUR300 million to shareholders in 2017 and 2018.
Shares in Philips Lighting closed at EUR32.98 on Tuesday, while shares in Philips closed at EUR32.78.
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(END) Dow Jones Newswires
November 29, 2017 01:38 ET (06:38 GMT)