Philips, Exor Update Relationship Agreement, Raise Stake to 22%

Philips and Exor have updated their long-term relationship agreement. Exor increased its shareholding in Philips to up to 22%, up from the previous 20% cap with the possibility of increasing its stake further.

The duo began their partnership in August 2023 when Exor bought a 15% shareholding stake in Philips.

The two companies’ discussions began in the context of Exor’s interest in increasing its presence in the healthcare and technology sectors. According to Philips, the investment won’t result in share dilutions and has been carried out by way of on-market share purchases and a deal with a major financial institution.

Exor is a major Dutch-based holding company controlled by Italy’s historic Agnelli family. Tracing its roots back over a century to the founding of Fiat, it manages a diverse global investment portfolio focusing on automotive, healthcare, heavy equipment, media, and sports.

Comments from Philips and Exor execs

Felike Sijbesma, chairman of the supervisory board, Philips: “Exor’s long-term commitment underlines its confidence in Philips and its strategy. The Supervisory Board values Exor’s constructive engagement, and I appreciate Benoît Ribadeau-Dumas’ continued contribution as we oversee Philips’ strategic direction.”

Roy Jakobs, CEO, Philips: “The updated agreement reflects Exor’s support for Philips and its Board of Management as we execute our 2026–2028 plan. It underscores the value creation potential of the plan and our focus on delivering profitable growth.”

John Elkann, CEO, Exor: “We support Philips’ long-term strategy defined by innovation, value creation and disciplined execution. The updated agreement reflects our continued commitment to Philips as its largest shareholder.”