Royal Philips Electronics (Amsterdam, The Netherlands) has sold its stake of approximately 4.6 million shares in Burlington, Mass.-based Nuance Communications Inc., a provider of speech and imaging systems, including Dictaphone Healthcare Solutions.
According to Phillips, the transaction, which closed September 12, will provide the electronics company with proceeds of approximately EUR 60 million, and will result in a non-taxable gain of approximately EUR 30 million in the third quarter.
Prior to this transaction, Philips held 2.5 percent of Nuance's outstanding shares. Following this transaction, Philips no longer has a stake in Nuance.
This transaction is in line with Philips' strategy to focus on its key businesses in the sectors of healthcare, lighting and consumer lifestyle, contends the company.