Philips Agrees to Sell Majority Interest in Lumileds
December 12 2016 - 1:16AM
Dow Jones News
By Ian Walker
Koninklijke Philips NV (PHG) said Monday it agreed to sell an
80.1% interest in LED components and automotive lighting supplier
Lumileds for $1.5 billion and a participating preferred equity that
entitles it to a share of future returns.
The Dutch health technology company said it would sell the
interest to funds managed by affiliates of Apollo Global Management
LLC (APO). Philips will keep the remaining 19.9% interest for a
minimum of three years after the Apollo deal, which values Lumileds
at $2 billion, is completed.
The deal is expected to be completed in the first half of 2017,
subject to customary closing conditions, including the relevant
regulatory approvals, Philips said.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
December 12, 2016 02:01 ET (07:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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