Philips deal over Lumileds terminated
A deal worth around US$3 billion, that was to see a consortium led by GO Scale Capital acquiring an 80.1% interest in the Philips-owned business Lumileds, has fallen through.
The healthcare and lighting corporation announced in April last year that it had signed an agreement with the consortium, made up of Asia-Pacific investors, to sell off more than three-quarters of its interest in the combined Philips LED components and automotive lighting business.
The deal allegedly fell through due to regulatory concerns from the Committee on Foreign Investment in the United States (CFIUS) over the agreement.
“I am very disappointed about this outcome, as this was a very good deal for both Lumileds and the GO Scale Capital-led consortium. This outcome does not, however, impact the fundamentals of the Lumileds business,” said Frans van Houten, CEO of Royal Philips.
“We will now engage with other parties that have expressed an interest in exploring strategic options for Lumileds to pursue more growth and scale.”
Lumileds has operations in more than 30 countries and employs around 9000 employees worldwide. In 2015, it generated sales of approximately US$2 billion.
No break fees are involved in the collapse of the deal.
Bringing geospatial tools to infrastructure planning
Bentley Systems has joined forces with Google to enhance the way infrastructure is designed,...
Funding boost to transition heavy vehicles to electric
ARENA has made $100 million in funding available under its Driving the Nation program to support...
MEA protests terrace housing red tape
A recent determination by Energy Queensland Limited will impose an extra measure when connecting...
