Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that it has completed the sale of an 80.1% interest in Lumileds, a leading supplier of LED components and automotive lighting, to certain funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO). The results of this transaction, which Philips announced on December 12, 2016, will be reported under discontinued operations in the second quarter of 2017.
“With the completion of the Lumileds transaction and the recent sell down of our interest in Philips Lighting, we are nearing the completion of Philips’ transformation into a focused health technology company,” said Frans van Houten, CEO of Royal Philips. “The organic and inorganic portfolio extensions including the Volcano acquisition in early 2015, the acquisition of CardioProlific Inc., and the agreements to acquire of Respiratory Technologies, Inc. and The Spectranetics Corporation strengthen our ability to deliver innovations that improve people’s health and drive further financial performance improvements. These steps also facilitate a clearer comparison with sector peers in support of investors and financial analysts to value Philips going forward.”