Philips sells semi unit for €6.4 billion

A CONSORTIUM of firms bought an 80.1 per cent stake in Philips Semiconductors for €6.4 billion.

The unit has 37,000 employees worldwide and the majority sale will allow Philips to concentrate on lightbulbs and the like.

CEO Frank van Houten will step down as a member of the board of Philips when the transaction is completed.

He said that the agreement with KKR, Silver Lake and Alpinvest is a good foundation on which the semiconductor business can grow and compete as a standalone firm.

Philips Semi concentrates on mobile, personal, home, automotive and multimarket semiconductors. µ

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