. Philips Lighting repurchases shares from Royal Philips for an aggregate amount of approximately EUR 71 million
Eindhoven, the Netherlands - Philips Lighting (Euronext: LIGHT), the world leader in lighting, today announces that it has repurchased 2.2 million of its shares for an aggregate amount of approximately EUR 71 million. The repurchase is part of the accelerated bookbuild offering by Royal Philips to institutional investors of 16.22 million shares in Philips Lighting at a price of EUR 32.10 per share (the "Offering") which was successfully completed today. Philips Lighting will not receive any proceeds from the sale and intends to cancel the shares it has repurchased.
The repurchase will be financed from the company's own funds and is in line with its previously announced intention to repurchase shares for an amount of up to EUR 150 million by participating in share disposals by Royal Philips in 2018.
This transaction reduces Royal Philips' shareholding in Philips Lighting's issued share capital from 29.59% to 18.0%. After cancellation of the shares that Philips Lighting repurchased in the Offering, Royal Philips' shareholding in Philips Lighting is expected to represent 18.3% of Philips Lighting's issued share capital.
Royal Philips has announced that the transaction is expected to settle on March 1, 2018 and that it agreed to a lock-up in respect of its remaining stake in Philips Lighting until the publication of Philips Lighting's Q1 results on April 26, 2018 (subject to limited exemptions and the joint bookrunners' customary right to waive the lock-up restrictions).
Philips L EUR 32.44 -61ct vol. 2666.000