Philips gets new long-term investor 

AMSTERDAM – Royal Philips has announced that Exor, a diversified holding company based in the Netherlands, has bought a 15% shareholding in the company. 

As a result, Exor, which has a net asset value of about EUR 33 billion, will nominate one member to the company's Supervisory Board. 

“Exor’s investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential,” said Roy Jakobs, CEO of Royal Philips. “With our market leadership positions and people-centric innovation capabilities, Philips is well positioned to deliver on our purpose to improve the health and well-being of people, creating value for all stakeholders.” 

Exor does not plan to buy further Philips shares in the short term, but over time, the agreement provides for Exor, at its discretion, to increase its participation to a maximum limit of 20% of Philips’ outstanding ordinary share capital. 

Exor’s portfolio is principally made up of companies in which it is the largest shareholder, including Ferrari, Stellantis and CNH Industrial. More recently, in the health care sector, it has made investments in Institut Mérieux and in Lifenet Healthcare. 

“The path of change taken by Philips in recent years has created a company that combines two areas – health care and technology – to which we are committed,” said John Elkann, CEO of Exor. “Our discussions have confirmed the strong and positive alignment between our long-term, supportive approach to our companies and Philips’ ambitious plans under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs.”