Philips to sell stake in lighting business to Chinese investors
Dutch group Royal Philips says it has agreed to sell an 80.1 percent stake in its automotive lighting business to a Chinese investor consortium led by Go Scale Capital.
The deal, valued at $3.3 billion (20.23 billion yuan), likely will be completed in the third quarter, Philips said.
After the transaction, the business will retain its name, Lumileds, and CEO Pierre-Yves Lesaicherre will retain his job. In addition, Philips' Lighting Solutions business will remain a customer of Lumileds.
Lumileds supplies lighting components for automotive customers, homes and businesses, and consumer electronics. It operates in more than 30 countries, has roughly 8,300 employees worldwide and generated $2 billion in sales last year.
Go Scale Capital is a venture capital investment company with offices in Shanghai, Hong Kong and the Silicon Valley. Other members of the consortium in the deal are Chinese investment companies Asia Pacific Resource Development, Nanchang Industrial Group and GSR Capital.
Go Scale Capital previously participated in the acquisition of Boston Power, a U.S manufacturer of electric vehicle batteries, and Chinese electric vehicle maker Xin Da Yang.
After the transaction, the business will retain its name, Lumileds, and CEO Pierre-Yves Lesaicherre will retain his job. In addition, Philips' Lighting Solutions business will remain a customer of Lumileds.
Lumileds supplies lighting components for automotive customers, homes and businesses, and consumer electronics. It operates in more than 30 countries, has roughly 8,300 employees worldwide and generated $2 billion in sales last year.
Go Scale Capital is a venture capital investment company with offices in Shanghai, Hong Kong and the Silicon Valley. Other members of the consortium in the deal are Chinese investment companies Asia Pacific Resource Development, Nanchang Industrial Group and GSR Capital.
Go Scale Capital previously participated in the acquisition of Boston Power, a U.S manufacturer of electric vehicle batteries, and Chinese electric vehicle maker Xin Da Yang.
