Royal Philips Electronics NV (NYSE: PHG) reported Friday that the company has agreed to sell most of its equity stake in TPV Technology Ltd. for euro95 million ($133 million), according to Associated Press.
Philips said it will sell a 9.47 percent stake in Hong Kong-based TPV, which makes monitors and LCD screens, to China Electronics Corp.
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The transaction leaves Philips with a 2.99 percent stake in TPV, plus convertible bonds with a face value of $211 million.
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