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Philips to sell remaining 10.7% stake in Signify for 357 million euros

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By Reuters

AMSTERDAM (Reuters) – Dutch medical equipment company Koninklijke Philips NV <PHG.AS> said on Thursday it plans to sell the remaining 10.7% stake it holds in Signify NV <LIGHT.AS>, its former lighting division, for about 357 million euros or 25.9 euros per share.

In a statement, Philips announced the launch of an accelerated bookbuilding to sell 13.8 million shares in Signify.

Signify will not receive any proceeds from the transaction after which Philips will not hold any shares in Signify, the Dutch medical equipment company said.

Morgan Stanley acted as bookrunner and Rothschild advised Philips, with the transaction expected to settle on Sept. 24, Philips said.

(Reporting by Toby Sterling in Amsterdam and Juby Babu in Bengaluru; Editing by Chris Reese and Franklin Paul)