Philips鈥 deal may turn the light off
Print Edition
DUTCH electronics giant Philips is selling a majority stake in its LED and car lighting arm to a group led by China and US-based GO Scale Capital investment fund in a US$2.8 billion deal.
The deal is part of Philips’ broader streamlining move which will eventually see the 120-year-old company transform into a specialist healthcare-lifestyle manufacturer.
“Philips today announced that it has signed an agreement with a consortium led by GO Scale Capital through which they will acquire an 80.1 percent interest in Philips’ combined LED components and automotive lighting business,” the Amsterdam-based group said on Tuesday.
“Philips expects to receive cash proceeds, before tax and transaction related costs, of approximately US$2.8 billion,” it said in a statement, with up to another US$100 million possible in deferred contingent payments.
After the sale, to be completed in the third quarter of this year, Philips will retain a 19.9 percent share in the business, it added.
Philips last year said it would split in two, separating its healthcare-lifestyle arm from its historic lighting section in a move to streamline operations.
The split is set to be completed next year, with analysts predicting that Philips could eventually sell off lighting, one of its core businesses.
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