Philips to sell Lumileds majority share for $1.5bn
The Hague economy
The Hague - Arab Today
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Dutch electronics giant Philips announced Monday the sale of a majority share in its Lumileds lighting business for $1.5 billion, after cancelling the sale earlier this year over US regulatory concerns. "Royal Philips today announced that it has signed an agreement to sell an 80.1-percent interest in Lumileds to certain funds managed by affiliates of (US-based) Apollo Global Management," the Amsterdam-based company said in a statement. "Philips expects to receive cash proceeds, before tax and transaction-related costs, of approximately $1.5 billion (1.41 million euros) and participating preferred equity," it said. |
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