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Provided by Dow Jones By Adria Calatayud Koninklijke Philips NV said over the weekend that it has started talking to parties interested in buying its domestic-appliances unit, although it hasn t ruled out an initial public offering for the business. The Dutch health-technology group launched in January a review of options for its domestic-appliances unit as part of its yearslong shift toward medical technology. The separation process is scheduled to be completed in the third quarter of 2021. The company which last Friday said it would acquire U.S. remote medical-technology company BioTelemetry Inc. said it has received interest for its appliances unit from strategic players in the industry and private-equity investors in Europe and China.
Philips Healthcare Academy is seen in Best, Netherlands August 30, 2018. Picture taken August 30, 2018.
LONDON (Reuters Breakingviews) - Koninklijke Philips Chief Executive Frans van Houten wants to get out of the hospital. A key plank of his growth strategy for the $50 billion Dutch medical-technology group is selling equipment that allows doctors to care for their patients remotely, a field known as telehealth, which got a bump during the Covid-19 pandemic. The $2.8 billion acquisition of heart-monitor specialist BioTelemetry serves that purpose - but comes at a heart-stopping price.
At first blush the deal, unveiled by van Houten on Friday, seems reasonable. The equity portion of the all-cash offer is $72 a share, or just 17% above the target’s closing price on Thursday. Deal premiums in racy sectors like health technology are often double that. Meanwhile the implied enterprise value of 5.5 times 2021 sales, using median Refinitiv estimates, is a huge discount to the 19 tim