US Investment Company Buys 80% Stake In Philips’ Lumileds

Dec 13, 2016

Royal Philips NV, better known as Philips, has agreed to sell an 80.1% stake of its lighting brand ‘Lumileds’ to a US-based investment company, Apollo Global Management LLC, while retaining the rest. Philips, headquartered in Amsterdam, claims to receive $1.5 billion in the future, from the deal valued at a $2 billion once completed.

Reportedly, the deal was sealed after a year of the Committee on Foreign Investment in the United States (CFIUS) rejected a $2.8 billion deal from Chinese investment firm, Go Scale Capital to buy Lumileds, due to US national security concerns as Apollo was a safer bet even though the offer was lower.

As stated on its website, Lumileds is the largest supplier of lamps to the auto industry, serving one out of every three cars in the world since 2014. 

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