Exor has acquired a minority stake in Philips, which has been struggling as a result of a major recall of its products. Under the recently disclosed agreement, Exor has the option to increase its ownership stake to 20% and secure a position on the company's board of directors. Exor acquired the initial stake through stock market transactions.

This investment comes at a time when Philips, a company with a rich 132-year history that was originally famous for light bulbs, is undergoing a strategic shift from consumer electronics to medical technology. This transition has been marked by the withdrawal of millions of the company's respiratory devices from the market starting in 2021. This has led to a significant drop in its share price of more than 60%. In response to these issues, the company has allocated approximately EUR 1 billion to address the recall of approximately 5.5 million devices, as well as EUR 575 million to compensate affected patients in the United States.

The investment company Exor, which is backed by the Italian Agnelli family and has a net asset value of approximately €33 billion, is the main shareholder of Stellantis, Ferrari and CNH Industrial. Following the divestment of the US reinsurer Partner Re in 2021 for €9.3 billion, Exor is strategically expanding its presence in the healthcare sector. It has already invested, for example, in the French firm Institut Mérieux and the Italian company Lifenet. It also owns stakes in The Economist Group and French luxury footwear manufacturer Christian Louboutin.