Philips Electronics sells its stake in Nuance

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Royal Philips Electronics announced today it sold its entire 2.5 percent stake in the Burlington, Mass.-based Nuance Communications to focus on its core healthcare, lighting and consumer product businesses, according to Reuters.

"The transaction, which closed yesterday, will provide Philips with proceeds of approximately 60 million euros ($83.2 million U.S.), and will result in a non-taxable gain of approximately 30 million euros ($41.6 million U.S.) in the third quarter," according to Philips’ statement in Reuters.

Nuance develops speech recognition, voice authentication and imaging products.