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Philips Courts Asian Rivals, PE Firms on Appliance Sale

  • Company reaches out to China’s Haier, Midea to test appetite
  • Blackstone, CVC also expected to study white goods business
Updated on

Royal Philips NV has reached out to Chinese rivals to gauge their interest in acquiring its home appliance unit, which could fetch as much as $4 billion, people with knowledge of the matter said.

The Amsterdam-based company has approached fellow white goods manufacturers Haier Group Corp. and Midea Group Co. ahead of a formal sale process expected to start in the fourth quarter, the people said, asking not to be identified as the information is private.