UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Koninklijke Philips N.V. |
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(Translation of registrants name into English) | ||||
The Netherlands | ||||
(Jurisdiction of incorporation or organization) | ||||
Breitner Center, Amstelplein 2, 1096 BC Amsterdam, The Netherlands | ||||
(Address of principal executive office) |
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“Philips to acquire Volcano to expand global leadership position in image-guided therapy market”
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
Koninklijke Philips N.V. | ||
Date: 12/17/2014 | By: |
M.J. van Ginneken |
Name: | M.J. van Ginneken | |
Title: | General Secretary | |
Exhibit No. | Description | |
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99 | Press Release | |
Philips to acquire Volcano to expand global leadership position in image-guided therapy market
Philips to acquire Volcano for USD 18.00 per share; total transaction value of USD 1.2 billion
(approx. EUR 1 billion), inclusive of Volcanos cash and debt
Agreement to acquire Volcano, a global leader in catheter-based imaging and measurement solutions
for cardiovascular applications, advances Philips focused strategy in image guided therapy
Volcano provides proven clinical development and commercialization capabilities for Philips next
generation of imaging and measurement technologies
Philips expects the transaction to accelerate sales growth as combined business is optimally
positioned to address unmet needs in EUR 4 billion image-guided therapy market
Transaction expected to be accretive to Philips EPS by 2017 driven by revenue and cost synergies
Amsterdam, the Netherlands and San Diego, CA, US Royal Philips (NYSE: PHG; AEX: PHIA) and Volcano Corporation (NASDAQ:VOLC), a global leader in catheter-based imaging and measurement solutions for cardiovascular applications, today announced that they have entered into a definitive merger agreement. Pursuant to the agreement, Philips will commence a tender offer to acquire all of the issued and outstanding shares of Volcano for USD 18.00 per share, or a total equity purchase price of USD 1 billion (approx. EUR 800 million), to be paid in cash upon completion. The board of directors of Volcano has unanimously approved the transaction and recommends the offer to its shareholders. The transaction is expected to close in the first quarter of 2015.