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Philips completes sale of 80.1% interest in Lumileds to funds managed by affiliates of Apollo Global Management

June 30, 2017

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.”

For further information, please contact:

Steve Klink

Philips Group Press Office

Tel.: +31 6 10888824

E-mail: steve.klink@philips.com

 

Ksenija Gonciarenko

Philips Investor Relations

Tel.: +31 20 5977055

E-mail: ksenija.gonciarenko@philips.com

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2016 sales of EUR 17.4 billion and employs approximately 70,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

 

Forward-looking statements

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.