Deals
Agnellis’ Exor Buys 15% Stake in Philips for $2.8 Billion
- Exor attracted by combination of health care, technology
- Philips still facing costly recall of sleep apnea devices
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The Agnelli family’s Exor NV bought a minority stake in Koninklijke Philips NV, a vote of confidence for the troubled Dutch medical company as it grapples with a costly product recall.
Exor bought a 15% holding in Philips through on-market share purchases and an agreement with a major financial institution, according to a statement Monday. The deal is valued around €2.6 billion ($2.8 billion).