Hillhouse Capital, an Asia-focused private equity firm, completed the acquisition of the Domestic Appliances business of Philips, a Dutch multinational conglomerate corporation, for $5.2bn. "I am pleased that in Hillhouse Capital we have found a new home for the Domestic Appliances business to further expand on its market leadership, strong brand and pipeline of new innovations. This transaction concludes our major divestments. Going forward, our focus is on extending our leadership in health technology and continuing our transformation into a solutions company supporting professional healthcare customers achieve the Quadruple Aim and consumers with their personal health," Frans van Houten, Philips CEO.