Exor, the investment arm of Italy’s Agnelli family, has purchased a 15% stake in the healthcare company Phillips for $2.8 billion. The purchase, which was made on the open market, has made Exor the leading investor in the company.

The significant stake in the company is welcomed after Phillips lost two-thirds of its share price following a recall in 2021.

Exor has stated that it intends to support Phillips in its goal to transform into a healthcare technology company and may later increase its ownership stake to 20% in the near future.

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‍Source: CNBC