Assets in lieu of cash from sale businessesIn 2009, the company received only cash as consideration in connection with the sale of businesses. In April 2008, the Company acquired 64.5 million shares in Pace Micro Technology (Pace) in exchange for the transfer of the Company’s Set-Top Boxes and Connectivity Solutions activities, which represented a value of EUR 74 million at the date of the closing of that transaction. The Pace shares were sold on April 17, 2009. In August 2008, Philips transferred its 69.5% ownership in MedQuist to CBAY. A part of the consideration was settled through the issuance of a convertible bond by CBAY which represented a fair value of EUR 53 million at the date of the closing of the transaction. The convertible bond is included in Other non-current financial assets. In September 2008, Philips acquired a 33.5% interest in Prime Technology Ventures III in exchange for the transfer of seven incubator activities which represented a value of EUR 21 million at the date of the closing of that transaction. In 2007, the Company only received cash as consideration in connection with the sale of businesses. | ||
