HE device manufacturer Philips management company announced this Monday. go overboardbelonging to Italian family Agnellitook over 15% of its shares. Operation worth 2,600 million euros (approximately $2,830 million).
After the agreement between both companies, Exor, “in a long-term minority investor”, stated in the statement PhillipsBased in the Netherlands.
According to the Dutch manufacturer, the talks between the two companies took place within the framework of “Exor’s interest in increasing its presence in the healthcare and technology sectors”.
Exor belonging to the strong Agnelli familyowner FiatHe explained to AFP that the transaction was made for a “market price” of 2,600 million.
According to the statement, the deal requires Exor to appoint a member to the Philips supervisory board.
Philips, which has a history of 132 years and is primarily known for producing light bulbs, is currently experiencing a complex transition from electronics to health technology. It’s a complex transition because profit expectations were lower than expected during this industrial transformation. According to the Financial Times, the company’s millions of ventilators have had to be withdrawn from the market since 2021. Shares of the group have lost more than 60% since 2021The situation therefore made it easy for companies like Exor to see the possibility of investing at attractive prices.
go overboardWith a market capitalization of €19,500 million and the largest shareholder of Stellantis, Ferrari and CNH Industrial, it believes the operation represents a boost to increased diversification in the face of a turbulent automobile market and is in the final phase of the sales tunnel. cut is still unknown. Chinese competition in the automobile industry invites even historical families like the Agnelli family to seek new jobs.
Following the sale of US reinsurer Partner Re for 9.3 billion euros in 2021, Exor grew in the healthcare industry by acquiring minority stakes in healthcare groups such as the French Institut Mérieux and Italian Lifenet.
One of the last operations, Casavo home trading platform, that Exor participates in its last funding round. Participants in this round included investors such as Neva SGR (Intesa Sanpaolo Group), Endeavor Catalyst, Hambro Perks or Sébastien de Lafond (founder of MilleursAgents). In any venture capital investment, it is common to join investment consortia that minimize risk.
Another proof of this diversification At the beginning of the investments in which Exor receives a star, besides the 24% capital of the French shoe manufacturer Christian Louboutin, it also participates in technology and service groups such as Welltec, Via Transportation, Lingotto, Optalysys…
The Agnelli family’s Fiat Chrysler Automobiles merger with French Peugeot to create Stellantis, which will be listed in Paris in 2021, was aimed at minimizing risks in an industry transition, and Chinese capital has some advantage in this fight. Electrification of European cars. Other Agnelli businesses are the Turin newspaper ‘La Stampa’ and the Juventus football club or ‘The Economist’.