Royal Philips NV is selling its emergency care business to US-based investment firm Bridgefield Capital to focus on larger units that are more profitable.

The deal includes a licensing agreement that allows the sold business to use the Philips brand for up to 15 years.

Investment firm Bridgefield Capital will buy the segment, which includes cardiac resuscitation and emergency care devices, for an undisclosed amount.

Philips will sell its emergency care business to investment firm Bridgefield Capital for an undisclosed amount. The deal is expected to close later this year, the companies said Tuesday.

Philips has signed an agreement for the sale of its Emergency Care business to US-based investment firm Bridgefield Capital. This move comes as part of Philips' strategic refocus, as unveiled in January 2023,