Galapagos NV: business update: http://t.co/6w1jppWE
posted 5 days ago
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Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced it has reached an agreement to sell the shares of FIMI to leading display technology company Barco NV (EURONEXT: BAR) headquartered in Kortrijk, Belgium. FIMI is a medical display provider that is currently part of Philips’ Healthcare business.
The transaction value at closing, to be paid in cash, is EUR 19 million and the contract provides for an additional earn-out of EUR 10 million over the next five years. The transaction, which will have no material impact on EBITA, is subject to certain customary conditions being met and is expected to close around the end of 2009.
FIMI generated revenues of EUR 42 million in 2008, and employs around 80 permanent employees, predominantly based in Saronno, Italy. The divestment is in line with Philips Healthcare’s strategy to divest non-core activities and focus on expanding its growth platforms, such as Home Healthcare Solutions and Imaging Systems.
Source: Philips
Tags: merger or acquisition
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