Philips is selling its household branch to Chinese investor Hillhouse Capital for 4.4 billion euros, the Dutch company announced on Thursday. The transaction is expected to close in the third quarter of this year, once it's been approved by the relevant authorities, NU.nl reports.

The household branch includes appliances like air fryers and the Senseo coffee machine. Hillhouse Capital is paying 3.7 billion euros for the branch itself, and another around 700 million to be able to continue putting the Philips name on the products for the next 15 years.