De Brauw has advised Royal Philips Electronics on signing a term sheet with TPV Technology Limited to enter into a joint venture with respect to Philips' TV business. Philips will transfer its TV business to the joint venture and will grant a licence to the joint venture for the use of the Philips brand. Philips will hold a 30% stake in the joint venture and TPV, a 70% stake. The signing of definitive agreements took place on 1 November 2011.
“The partnership will help create the scale and focus needed for our Television business to return to profitability and to be successful in the very dynamic television industry,’’ said Philips Chief Executive Officer Frans van Houten. “We are committed to the continuity of Philips Televisions in the market through this venture. The partnership will leverage the strength of the Philips brand, innovation power and trade relationships, with the additional scale and manufacturing strengths of TPV. This decisive step is the right one for the Television business, Consumer Lifestyle and Philips as a whole.’’
For more information regarding this deal in the Dutch media click here.
Team Arne Grimme, Gaby Smeenk, Dieter Wolff, Iris Kieft, Lennart Crain, Samira Bouras, Iris Kranenburg, Gustaaf Reerink, Eduard Fasseur, Geert Potjewijd, Rogier van Bijnen, Diederik Maessen, Rachel Li, Jolling de Pree, Douwe Groenevelt, Jiajia Gao, Xandra Reintjes, Constantijn Voogt, Peter Nolten, Johan van der Hoek, Koos de Blecourt, Judica Krikke, Joost van Ooijen, Daan van Binsbergen, Koen Limperg, Jan Marten van Dijk, Sija van Mourik, Arwen Josemans, Margriet Oostenrijk-Van Baal, Hafida Farouk, Diederik Tijssen, Lokke Moerel, Richard van Staden ten Brink, Rens Bondrager, Henk van Ravenhorst, Matthijs Nelemans.