A family business dynasty sometimes referred to as the “Kennedys of Italy” has spent $2.8 billion (USD) to buy a 15% stake in imaging industry giant Royal Philips.

The Amsterdam-based manufacturer announced the news on Monday, noting that its leadership team is “fully supportive” of the purchase. Exor NV, the investment arm of the prominent Agnelli family, has the option to increase its stake to a maximum of 20% and will be able to nominate one member to Philips’ supervisory board.

“The path of change taken by Philips in recent years has created a company that combines two areas—healthcare and technology—to which we are committed,” Exor CEO John Elkann, 47, an Italian industrialist and chosen heir of his grandfather Gianni Agnelli, said in an Aug. 14 announcement. “Our discussions have confirmed the strong and positive alignment between our long-term, supportive approach to our companies and Philips’ ambitious plans under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs.”

Philips emphasized that the investment will not dilute its stock's value and was executed by way of on-market share purchases and an agreement with a “major” financial institution.

Media reports have labeled the investment as a boon for Philips, which has navigated through a costly ventilator recall and seen its stock price tumble by two-thirds in the aftermath. Royal Philips’ shares were up 4.4% following news of the deal.

Exor does not plan to function as an “activist investor,” using its equity to put pressure on management, Reuters reported citing a source close to the company. However, it does plan to “play an active role” in supporting Philips’ strategy as the conglomerate continues its shift away from consumer products and toward healthcare.

“Exor’s investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential,” Royal Philips CEO Roy Jakobs said in the announcement.