Philips NV Sells Shares in Lighting Division at Lower End of Target Range
26 Maio 2016 - 6:00PM
Dow Jones News
AMSTERDAM—Royal Philips NV said it sold shares in its
125-year-old lighting division at the lower end of the targeted
range, valuing the business at €3 billion ($3.36 billion).
The Dutch technology group sold a 25% stake in Philips Lighting
for €20 a share, according to a statement released Thursday. The
pricing was slightly below the midpoint of a range of €18.50 to
€22.50 announced last week.
Shares in Philips Lighting will start trading on Euronext
Amsterdam on Friday. The offering is one of the largest listings in
Europe so far this year.
The sale, which was first announced in September 2014, is the
final step in a years-long restructuring spearheaded by chief
executive Frans van Houten. It will mark the end of Philips as a
sprawling conglomerate that produced everything from lightbulbs and
television sets to medical scanners and coffee machines.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
May 26, 2016 16:45 ET (20:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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