Philips sells entire stake in US-based Nuance Communications
Amsterdam, The Netherlands – Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced that it sold its stake of approximately 4.6 million shares in US-based Nuance Communications Inc. (NASDAQ: NUAN). The transaction, which closed yesterday, will provide Philips with proceeds of approximately EUR 60 million, and will result in a non-taxable gain of approximately EUR 30 million in the third quarter.
This transaction is in line with Philips’ strategy to focus on Philips’ key businesses in the sectors of Healthcare, Lighting and Consumer Lifestyle. Prior to this transaction, Philips held 2.5 percent of Nuance’s outstanding shares. Following this transaction, Philips no longer has a stake in Nuance.
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