Royal Philips announced on December 12 that the company has signed an equity transfer agreement to sell 80.1% of Lumileds' shares to certain funds managed by Apollo's global management company subsidiary, and Philips will retain the remaining 19.9% ​​stake in Lumileds.
In this transaction, Lumileds' corporate value is approximately $2 billion, including debt and debt type projects. Philips is expected to receive cash income, pre-tax and transaction-related costs of approximately $1.5 billion and participation in preferred stock. The transaction is expected to be completed in the first half of 2017, subject to customary closing conditions, including obtaining regulatory approvals.
Frans van Houten, CEO of Royal Philips, said: "Through this transaction, we will complete an important phase of our portfolio transformation. I am very satisfied with finding the right owner of Lumileds in the fund managed by Apollo. According to our The strategic focus of health technology, Lumileds has been operating as an independent company since the beginning of 2015. Since Apollo Management Fund has acquired a majority stake in Lumileds and cooperates with Philips, Lumileds will further develop and create better value and build its strong Innovation pipeline, technical leadership and a strong customer base."
Apollo is a leading global alternative investment management company currently managing $18.9 billion in funds, covering private equity, credit and real estate funds.
Apollo Senior Partner Robert Seminara said: "We are very excited about the management fund's ability to acquire Lumileds. We look forward to working with Philips and Lumileds' outstanding management teams and employees, and bringing Apollo resources to support this industry-leading business. Continued growth and innovation."
Lumileds CEO Pierre-Yves Lesaicherre said: “I believe that in collaboration with the Apollo Management Fund, Lumileds will focus on accelerating innovation in its leading lighting component portfolio. With our strong R&D program and intellectual property, we are always on hand. Prepared to respond to customers' current and future needs. Lumileds will work closely with its industry partners and customers to capture growth opportunities in exciting industries."
Lumileds is a leading supplier of lighting components for the general lighting, automotive and consumer electronics markets with operations in more than 30 countries and approximately 9,000 employees worldwide. In 2015, Lumileds achieved sales of approximately $2 billion.
At the end of March last year, the Chinese consortium led by GO Scale Capital announced the acquisition of 80.1% of Lumileds for a consideration of approximately US$3.3 billion. At the end of October, there were media reports that the US Foreign Investment Committee (Committee) On Foreign Investment in the United States, CFIUS) There are some unanticipated concerns about the relationship between Philips and Go Scale Capital.
At that time, Philips said that the company's management will take various reasonable ways to continue to negotiate with CFIUS to resolve doubts. But Philips does not say that it is impossible to determine whether the transaction can be successfully achieved.
By the end of January this year, because CFIUS still had concerns about the entire transaction, both Philips and Jinshajiang stopped the transaction.
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