Philips and provides update of launch Philips Lighting IPO
Philips and Philips Lighting announce their intention to launch an IPO and listing on Euronext Amsterdam of Philips Lighting.
- The intended IPO will consist of an offering of existing shares held by Royal Philips to institutional and retail investors in the Netherlands and to certain qualified institutional
investors in various other jurisdictions. - Royal Philips intends to sell at least 25% of the Philips Lighting shares in the IPO. After the IPO Royal Philips will retain a majority holding with the aim to fully sell down over the next several years as Royal Philips will focus on its HealthTech businesses.
- Philips Lighting is targeting an annual dividend pay-out ratio of 40% to 50% of continuing net income to be paid out in cash. The Company expects to make its first dividend payment in 2017, which will be based on the results over the full year 2016.
- At the time of the IPO, the Company is expected to have a net financial indebtedness of ~€950 mln representing ~1.5x 2015 EBITDA