Royal Philips (NYSE:PHG) is continuing to divest itself of its legacy lighting business, saying this week it sold off approximately $641.8 million (EUR €520.7 million) in shares of Philips Lighting.

The Amsterdam-based company said it sold approximately 16.22 million shares of Philips Lighting N.V. at a price of $39.56 (EUR €32.10) per share, lowering its stake in the company from 29.6% to 18%.

As part of the deal, Philips Lighting is repurchasing 2.2 million shares with intention to cancel them, after which Philips’ ownership in Philips Lighting will represent 18.3% of is issued share capital.

Philips Lighting did not receive any proceeds from the offering, which was expected to settle on March 1.

Philips said the deal is in line with its stated objective to fully sell down its stake in Philips Lighting, according to an SEC filing.

Yesterday, Philips said it launched the artificial intelligence powered HealthSuite Insights analytics software suite designed for the curation and analysis of healthcare data.