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Royal Philips NV has shortlisted a clutch of Asian suitors in the bidding for its home appliance unit, which could fetch at least 3 billion euros ($3.7 billion), people with knowledge of the matter said.
Philips invited Chinese buyout firm CDH Investments and domestic appliance maker TCL Technology Group Corp. to lodge second-round offers, according to the people. Asian investment firm Hillhouse Capital has also progressed as well as at least one other party, the people said, asking not to be identified as the information is private. The business had initially attracted interest from several large U.S. and European private equity firms including PAI Partners, Apollo Global Management Inc., Advent International and CVC Capital Partners, Bloomberg News previously reported. However, several of the funds balked at the asking price of at least 3 billion euros, the people said this week.
Asian buyers eye Royal Philips unit
Bloomberg
Royal Philips NV has shortlisted a clutch of Asian suitors in the bidding for its home appliance unit, which could fetch at least 3 billion euros (US$3.7 billion), people with knowledge of the matter said.
Philips invited Chinese buyout firm CDH Investments (鼎暉投資) and domestic appliance maker TCL Technology Group Corp TCL (科技) to lodge second-round offers, the people said on Tuesday.
Asian investment firm Hillhouse Capital Group (高瓴資本集團) has also progressed, as well as at least one other party, the people said, asking not to be identified.
The business had initially attracted interest from several large US and European private equity firms, including PAI Partners, Apollo Global Management Inc, Advent International and CVC Capital Partners, but several of the funds balked at the asking price of at least 3 billion euros, the people said.