Philips has signed an agreement to sell its home appliances division.It was bought by a Chinese woman
This division of Philips produces kitchen appliances, coffee machines, etc.Its revenue in 2020 amounted to 2.2 billion euros.
Hillhouse Capital will finally take over the division in the third quarter of 2021.The deal was valued at 3.7 billion euros.
It is worth noting that Philips intends to concludean exclusive license agreement for the use of the Philips brand of the same name. Under the agreement, household appliances under this name will be sold worldwide for 15 years. Payments for this period will amount to about 0.7 billion euros.
Philips said it will focus on its healthcare technology business.