China's Hillhouse Capital to buy Philips' appliances arm for $4.37b

China's Hillhouse Capital to buy Philips' appliances arm for $4.37b

The logo of Philips is seen at the company's entrance. REUTERS/Francois Lenoir

Philips NV will sell its household appliances arm to China’s Hillhouse Capital for 3.7 billion euros ($4.37 billion), the Dutch company said on Thursday, as it focuses on healthcare equipment.

Once a sprawling conglomerate, Philips is concentrating on healthcare after spinning off its lighting and consumer electronics divisions in recent years.

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