The U.S.-listed shares of Koninklijke Philips N.V. , known as Royal Philips, rallied 1.3% in premarket trading Thursday, after the Netherlands-based diversified technology, consumer products and health care company announced an agreement to sell its Domestic Appliances business in a deal valuing the business at EUR3.7 billion ($4.4 billion) to investment firm Hillhouse Capital. The business at EUR2.2 billion in sales in kitchen, coffee, garment care and home care appliances. As part of the deal, Philips and Domestic Appliances will enter into a 15-year exclusive brand license agreement to use the Philips brand, with annual payments representing a value of EUR700 million. Philips said the deal concludes its 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,” said Royal Philips Chief Executive Frans van Houten. The stock has rallied 54.5% over the past 12 months, while the S&P 500 has advanced 57.1%.

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