Philips sells 80.1% of lighting components unit for US$2.8 billion

Amsterdam

PHILIPS said on Tuesday that it has agreed to sell an 80.1 stake in its lighting components division for US$2.8 billion to Go Scale Capital, a new investment fund that focuses on LEDs and electric car battery technology.

Philips said that the deal values the subsidiary, which comprises an automotive light unit and Philips' "Lumileds" LED business, at US$3.3 billion in cash and debt. The division reported a 2014 profit of 141 million euros (S$208.3 million) on sales of 1.42 billion euros.