Philips is planning to invest billions of euros in medical technology companies following the spin-off of its lighting division, news agency Bloomberg says.

Chief executive officer Frans van Houten told Bloomberg health care informatics, combining technology and data to manage patient health, is a target market.

Health care accounted for 45% of the company’s sales last year. ‘It has not escaped us that other competitors have also identified health as an attractive marketplace,’ Van Houten is quoted as saying.

There are no major acquisitions on the radar at the moment, Van Houten said.

Last month, Philips sold off about 25% of its lighting division via an IPO  in Amsterdam. The company is planning to sell off the rest of the unit ‘over time’ which will generate ‘multiple moments of cash inflow’ for acquisitions, Van Houten said.