Philips has agreed to sell its emergency care business to Washington D.C.-based investment firm Bridgefield Capital, the companies announced on Tuesday. They did not disclose the terms of the deal.
Philips’ emergency care business includes cardiac resuscitation devices, such as automated external defibrillators, and emergency care devices. The business is part of Philips’ connected care segment, which reported $1.21 billion in sales in the third quarter.
The agreement includes an exclusive brand license agreement, allowing the emergency care business to use the Philips brand for manufacturing, sales and marketing of emergency care products globally for up to 15 years.
The decision to divest the emergency care business stems from a strategy Philips started in 2023 that involved concentrating resources “where it can achieve larger scale and financial impact,” the company said in the announcement. In a 2023 presentation to investors, the company outlined image-guided therapy, monitoring, ultrasound, personal health, enterprise informatics and imaging as focus areas.
The sale is expected to close in the second half of 2025 and is subject to regulatory approval. Philips is scheduled to report its fourth-quarter financial results on Feb. 19.
Philips is also working to restore its sleep and respiratory care business, which is the subject of a consent decree barring the segment from selling several of its products in the U.S. until terms set out by the Food and Drug Administration are met.
