Philips Lighting: Philips Lighting repurchases shares from Royal Philips for an aggregate amount of EUR 101 million

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26/04/2017 06:44
Philips Lighting repurchases shares from Royal Philips for an aggregate amount of EUR 101 million
Eindhoven, the Netherlands - Philips Lighting (Euronext Amsterdam ticker: LIGHT), a global leader in lighting, today announced that it has repurchased 3.5 million of its shares for an aggregate amount of approximately EUR 101 million. The repurchase is part of the accelerated book build offering by Royal Philips to institutional investors of 22.25 million shares in Philips Lighting at a price of EUR 28.80 per share (the "Offering"), realizing total proceeds of approximately EUR 641 million, which was successfully completed today. Philips Lighting will not receive any proceeds from the sale.

The repurchase will be financed from the company's own funds and is in line with Philips Lighting's previous announcement that it will return up to EUR 300 million to its shareholders over the period 2017-2018, by participating in share disposals by its main shareholder. Philips Lighting intends to cancel these shares.

This transaction reduces Royal Philips' stake in Philips Lighting's issued share capital from 53.892% to 39.058%. After cancellation of the 3.5 million shares that Philips Lighting acquired in the Offering and the shares repurchased on February 8, 2017, Royal Philips' shareholding in Philips Lighting is expected to represent 40.970% of Philips Lighting's issued share capital. As a result of the repurchase, Philips Lighting will hold 4.667% of its own issued shares, for which it will notify the Netherlands Authority for the Financial Markets (AFM).

Royal Philips has announced that the transaction is expected to settle on Friday April 28, 2017. Royal Philips has agreed to a lock-up in respect of its remaining stake in Philips Lighting until July 21, 2017 (subject to limited exceptions and the joint book runners' right to waive the lock-up restrictions).

tijd 16.42
Philips L. EUR 29,21 -30,5ct vol. 1,5 miljoen.



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