Philips to sell down Signify stake

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Dutch medical equipment company Koninklijke Philips is planning to sell the remaining 10.7% stake it holds in Signify, its former lighting division, for about €357m (US$394.24m) or €25.9 per share.

In a statement, Philips announced the launch of an accelerated book-building to sell 13.8 million shares in Signify. The Dutch medical equipment company says that Signify will not receive any proceeds from the transaction after which Philips will not hold any shares in Signify.

Morgan Stanley acted as book-runner and Rothschild is advising Philips, with the transaction expected to settle on 24 September.

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