Philips Sheds Pace Stake

Royal Philips Electronics has sold its remaining stake in UK-based technology provider Pace

April 17, 2009

1 Min Read

AMSTERDAM -- Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced it has sold its remaining stake in U.K.-based technology provider Pace PLC (FTSE: PIC) to investors in a capital markets transaction. This transaction represents 17% of Pace’s issued share capital, or 50.7 million of common stock, and reduces Philips’ holding to zero.

The transaction will provide Philips with net proceeds of EUR 76 million, and is expected to result in a non-taxable gain of EUR 48 million in the second quarter of 2009, which will be recognized in financial income and expenses.

This transaction is in line with Philips’ communicated strategy to dispose of non-core shareholdings.

Royal Philips Electronics N.V. (NYSE: PHG; Amsterdam: PHI)

Pace plc

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