Philips changes Lighting banks for stake sale but gets dim result

Koninklijke Philips, the Dutch healthcare technology company, sold a 12% stake worth €564m in its spun-off subsidiary Philips Lighting on Tuesday through its third accelerated bookbuild in the stock. It was priced at a 3% discount at €32 a share, but traded down on Wednesday and Thursday.

  • By Sam Kerr
  • 28 Nov 2017

The bookrunners were Bank of America Merrill Lynch, Goldman Sachs, Rabobank — in cooperation with Kepler Cheuvreux — and UBS. 

This was the first ECM deal in the stock that JP Morgan has not been on, and the first that BAML and Rabobank have been on.

Philips Lighting itself ...

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All International Bonds

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5 HSBC 114,461.86 531 5.44%

Bookrunners of All Syndicated Loans EMEA

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5 Deutsche Bank 14,357.25 46 5.11%

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3 UBS 5,503.59 15 7.10%
4 Citi 5,386.55 31 6.95%
5 Deutsche Bank 4,303.27 25 5.55%