This Philips division produces kitchen appliances, coffee machines, and others. Its revenue in 2020 was 2,2 billion euros.

Hillhouse Capital will finally take over the division in the third quarter of 2021. The deal was estimated at 3,7 billion euros.

It should be noted that Philips intends to conclude an exclusive licensing agreement for the use of the Philips brand of the same name. Under the agreement, household appliances under this name will be sold worldwide for 15 years. Payments for this period will amount to about 0,7 billion euros.

Philips said it will focus on its healthcare technology business.