Exor NV Acquires 15% of Philips worth $2.84 Billion

Philips announced earlier this week that Dutch investment firm Exor NV has acquired a 15% stake in the company for approximately 2.6 billion euros ($2.84 billion). Exor, which intends to be a long-term shareholder, purchased its stake on the open market, according to the companies, who also have a relationship agreement in place.

"Exor's significant investment demonstrates their belief in Philips' transformation into a healthcare technology company, as well as its growth and value potential," said Philips Chairman Feike Sijbesma in a statement.

Exor, with a portfolio worth 33 billion euros, has Italian roots and is the largest shareholder in Ferrari, Stellantis and CNH Industrial, and has recently made healthcare industry investments in Institut Merieux and Lifenet as well as Via Transportation Inc.

Philips, once an industrial conglomerate, has shed most of its divisions over the past two decades to become a maker of healthcare technology, including scanners and patient monitoring devices. Its shares have lost more than two-thirds of their value due to a major product recall that began in 2021, though they have regained ground under new CEO Roy Jakobs this year.