As part of the agreement, Philips will obtain 7,400,000 Profound common shares representing a minority interest of approximately 12 percent based on the issued and outstanding Profound shares upon completion of the transaction. The agreement also includes a deferred cash payment that will depend on the achievement of future Profound revenue levels in the period up to and including 2020. The transaction is subject to customary closing conditions, including the relevant regulatory approvals, and is expected to close in the second half of 2017.
The collaboration with Profound in MR-guided ultrasound ablation therapy complements Philips’ product portfolio, collaborations and R&D programs in MR-guided radiation therapy.
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About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2016 sales of EUR 17.4 billion and employs approximately 70,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
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