Hillhouse Capital to pick up Royal Philips unit in $4.4B deal

Hillhouse Capital has agreed to acquire the domestic appliances business of Royal Philips in a deal that values the unit at €3.7 billion (about $4.4 billion), including debt. Based in Amsterdam, the business makes a range of kitchen and household supplies. As part of the deal, Philips and the appliance unit will also enter into a 15-year licensing agreement worth roughly €700 million annually.