Philips plans to sell remaining 10.7% stake in Signify

Koninklijke Philips (Royal Philips), a Dutch medical equipment company, is planning to sell its remaining 10.7% stake in its former lighting division Signify NV.

The planned transaction is part of Royal Philips’ target to fully divest its interest in Signify.

Royal Philips has launched an accelerated bookbuilding to sell its 13.8 million shares in Signify, which will not receive any proceeds from the transaction.

The Dutch medical equipment company will decide the offer price at the conclusion of bookbuilding.

With the transaction expected to settle on 24 September 2019, Morgan Stanley is acting as bookrunner and Rothschild as financial advisor.

Signify, formerly Philips Lighting, provides energy-efficient lighting products, systems,  and services.

Royal Philips headquarters in Amsterdam, The Netherlands. Photo courtesy of Philips/Wikipedia.org.