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. Last Updated: 07/27/2016

Philips Sells Stake

AMSTERDAM, Netherlands -- Philips Electronics NV said Monday it was selling a minority stake in Navigation Technologies Inc. to a consortium of financial investors led by Oranje-Nassau Groep and ABN-AMRO Participaties.

Philips said that as a result it would no longer hold a majority stake in U.S.-based NavTech. It gave no financial details of the transaction.

A Philips spokeswoman said the Dutch electronics giant now held roughly 40 percent of NavTech, down from over 60 percent. The group planned to retain its remaining NavTech interest, Philips said in a statement.