Philips to Sell At Least 25% Stake in Lighting Business through IPO

Philips confirmed on Tuesday it will be spinning off its Philips Lighting through Initial Public Offering (IPO), reported Reuters.

Philips will be selling at least 25% stake in the new lighting business, and intends to sell remaining shares in the lighting division over the next few years, reported ABC News. The announcement brings closure to the Dutch company’s long fruitless search for a buyer for its lighting division.

According to the report, the new company will be listed on Amsterdam’s Euronext exchange, but the price or time schedule of the IPO is yet to be revealed.

In 2015, Philips Lighting had sales of 7.5 billion Euros (US $8.7 billion) in 2015.

According to the ABC report, the company stated the separation of its iconic lighting business would enable it to focus on its future business strategy as a health technology provider.

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