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Philips winds down Philips Lighting stake via share offer
April 25, 2017 / 4:06 PM / in 8 months

Philips winds down Philips Lighting stake via share offer

April 25 (Reuters) - Dutch medical devices and healthcare products maker Philips said on Tuesday it plans to sell nearly a quarter of its stake in Philips Lighting.

Philips said it had launched an accelerated bookbuild offering to institutional investors of approximately 22.25 million shares, representing around 14.8 percent of Philips Lighting’s issued share capital.

Philips Lighting has committed to repurchase 3.5 million shares in the offering, Philips said.

After completion of the sale, Philips’ stake in the world’s biggest lighting maker will be around 41 percent.

The transaction is expected to settle on April 28. (Reporting by Wout Vergauwen; editing by Alexander Smith)

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