Following the sale and the cancellation of 2.2 million shares to be repurchased by Philips Lighting as part of the deal, Philips remaining stake in the lighting maker will be 18.3 percent, the company said.
The sale was via an accelerated bookbuild offer to institutional investors. The transaction is in line with Philips goal to fully sell down its stake in Philips Lighting, it said.
Reporting by Nolwenn Brossier. Editing by Jane Merriman