Philips Semiconductors will move forward as NXP. The name change announcement follows an agreement between Royal Philips and Kohlberg Kravis Roberts & Co., Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners NV that will see the consortium take an 80.1 percent stake in the semiconductor operation with Philips retaining a 19.9 percent interest. NXP is Europe's second largest semiconductor company. and a global top 10 player. Headquartered in Europe, the company has 37,000 employees working in 20 countries across the world. NXP creates semiconductors, system solutions and software.