Koninklijke Philips Electronics NV - HK$1.040 billion sale of shares in TPV Technology Ltd

List of all recent work 

Slaughter and May advised Koninklijke Philips Electronics NV in relation to the sale of a 9.47% stake in TPV Technology Ltd. to CEIEC (H.K.) Limited, a unit of China Electronics Corporation (CEC). In an off-market block trade, Philips has agreed to sell 200 million shares in TPV (representing approximately 9.47% of the issued share capital of TPV) to CEIEC HK for HK$1.040 billion, reducing its shareholding in TPV to less than 3 per cent. Philips also still holds bonds convertible into 310 million new shares of TPV.

The transaction was announced on 29 January 2010. Completion is subject to CEIEC obtaining applicable consents, authorisations and approvals from the relevant government authorities in the PRC.

Philips is a Netherlands-based healthcare, lifestyle and lighting company and is listed on Euronext Amsterdam and the New York Stock Exchange. TPV is a leading designer and producer of PC monitors, LCD TVs and other display products and is listed on the Hong Kong and Singapore stock exchanges.

Neil Hyman (partner)