Deals
Philips Said to Face Headwinds on Sale of Lighting Business
- Bain said to have dropped out of bidding for lighting division
- KKR, CVC said to prefer joint sale of Lighting, Lumileds
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Royal Philips NV may face headwinds for the sale of its lighting business as the failed divestiture of its Lumileds components division distracts potential buyers, according to people familiar with the matter.
Buyout firm Bain Capital Partners LLC has dropped out of the race for the lighting business to focus on pursuing Lumileds while KKR & Co and CVC Capital Partners, who are bidding together, would prefer that Philips sell the two units in a joint process, said the people, who asked not to be identified because talks are private.