CAM advises Philips on sale of its domestic appliances business to Hillhouse Capital
CAM advises Philips on sale of its domestic appliances business to Hillhouse Capital Cyril Amarchand Mangaldas advised Philips on sale of Philips' domestic appliances business to global investment firm Hillhouse Capital. The value of the transaction is approx. EUR 3.7 billion. Philips is a leading provider of integrated solutions to improve people's health and well-being and optimize...
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CAM advises Philips on sale of its domestic appliances business to Hillhouse Capital
Cyril Amarchand Mangaldas advised Philips on sale of Philips' domestic appliances business to global investment firm Hillhouse Capital. The value of the transaction is approx. EUR 3.7 billion.
Philips is a leading provider of integrated solutions to improve people's health and well-being and optimize care provider productivity across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care.
Hillhouse Capital is a global investment firm focused on helping companies achieve long-term sustainable growth through digital innovation and enablement. Hillhouse has deep experience in integrating technology and data-driven architectures to drive digital innovation and business expansion. The firm has worked successfully with many global consumer and retail businesses to deepen consumer engagement and introduce innovative direct-to-consumer models, growing new customer segments and markets.
According to a Press Release by Philips, Frans van Houten – CEO of Philips was quoted as saying, "I am pleased that in Hillhouse Capital we have found a new home for the Domestic Appliances business to further expand on its market leadership, strong brand and pipeline of new innovations. This transaction concludes our major divestments. Going forward, our focus is on extending our leadership in health technology and continuing our transformation into a solutions company supporting professional healthcare customers achieve the Quadruple Aim and consumers with their personal health."
The General Corporate team of Cyril Amarchand Mangaldas undertook vendor due diligence on India domestic appliances business of Philips and advised on the Indian leg of the global transaction involving sale of the domestic appliances business.
The General Corporate team was led by Akila Agrawal, Partner & Head - M&A; and Megha Bhargava, Partner; with support from Akshay Pathak, Senior Associate; and Gunit Singh, Associate.
De Brauw Blackstone Westbroek N.V. acted as the offshore counsel for Philips.
The transaction was signed on March 25, 2021.
