Philips Drops TPV Stake

Royal Philips Electronics said Friday it agreed to sell most of its equity stake in Hong Kong-based TPV Technology Ltd. for $133 million.

Jan 29th, 2010

AMSTERDAM (AP) -- Royal Philips Electronics NV said Friday it has agreed to sell most of its equity stake in Hong Kong-based TPV Technology Ltd. for euro95 million ($133 million).

Philips said it will sell a 9.47 percent stake in TPV, a maker of monitors and LCD screens, to China Electronics Corp.

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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