Deals
Philips to Sell Lighting Unit to Investors for $2.8 Billion
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Royal Philips NV agreed to sell a majority stake in its Lumileds lighting components unit to a group of investors as Chief Executive Officer Frans van Houten focuses the Dutch company on the consumer health-care market.
The buyers led by GO Scale Capital beat a rival consortium consisting of KKR & Co. and CVC Capital Partners and will pay Philips $2.8 billion for the 80.1 percent stake. GO Scale is a fund sponsored by GSR Ventures, which has offices in Beijing, Hong Kong and Silicon Valley, and Oak Investment Partners.