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Koninklijke Philips N.V.
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Publicatie datum
03 aug 2006 - 20:31
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips to sell majority stake in Semiconductors business to private equity consortium KKR, Silver Lake and AlpInvest
Bericht
August 3, 2006
PHILIPS TO SELL MAJORITY STAKE IN SEMICONDUCTORS BUSINESS TO PRIVATE EQUITY CONSORTIUM KKR, SILVER LAKE AND ALPINVEST
Amsterdam, The Netherlands and London, United Kingdom – Royal Philips Electronics (NYSE:PHG, AEX:PHI) announced today that the company has signed an agreement with Kohlberg Kravis Roberts & Co. (KKR), Silver Lake Partners and AlpInvest Partners NV (together referred to as "the consortium") through which the consortium will acquire an 80.1% stake in Philips' Semiconductors business, with Philips retaining a 19.9% stake in this business. The transaction will put the enterprise value for Philips' Semiconductors business at approximately EUR 8.3 billion – consisting of EUR 3.4 billion purchasing price, EUR 4.0 billion for debt and other liabilities, and EUR 0.9 billion for Philips' remaining stake. Philips estimates it will receive cash proceeds after tax and transaction related costs of approximately EUR 6.4 billion. The transaction is expected to close in the fourth quarter of 2006, subject to closing conditions, including governmental and regulatory approvals.
Philips' Semiconductors is a leading supplier of silicon system solutions for mobile communications, consumer electronics, digital displays, contactless payment and connectivity, and in-car entertainment and networking, with approximately 37,000 employees worldwide. The business had sales in 2005 of EUR 4.6 billion.
Commenting on today's announcement, Mr. Gerard Kleisterlee, President and CEO of Royal Philips Electronics, said: "This is a defining moment for both Philips and its Semiconductors business. As a stand-alone company, the semiconductors business will have every opportunity to realize its full potential and we are very pleased to have found strong partners that share our belief. As a business partner, we will remain strongly committed to the future success of the business. As Philips, we are completing our shift away from running cyclical activities, and can fully fo
Datum laatste update: 06 oktober 2024