Deals
Philips to Sell Lumileds to Apollo at Discounted $2 Billion
- CEO says value agreed with private equity firm is setback
- Philips confident deal will go through this time around
This article is for subscribers only.
Royal Philips NV agreed to sell a majority stake in its lighting components unit to Apollo Global Management LLC in a cut-price deal valued at $2 billion after a U.S. national security panel blocked a more lucrative transaction with a Chinese buyer almost a year ago.
Philips will receive cash proceeds of $1.5 billion for Lumileds and participating preferred equity for the 80 percent stake, the Amsterdam-based company said in a statement Monday. Philips will retain the remaining shares.