Philips sells home appliance business to China's Hillhouse for $4.37 bn

Dutch company Philips on Thursday announced that it has signed an agreement to sell its Domestic Appliances business to China's Hillhouse Capital for $4.37 billion. The transaction is expected to be completed in the third quarter of 2021. "Going forward, our focus is on extending our leadership in health technology," Philips CEO Frans van Houten said.