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© mariusz szachowski dreamstime.com Business | March 31, 2015

GO Scale Capital buys 80.1% of Lumileds from Philips

GO Scale Capital, an investment fund sponsored by GSR Ventures and Oak Investment Partners will acquire an 80.1% interest in Philips' combined LED components and Automotive lighting business.
Philips will retaining the remaining 19.9% interest (including a 34% interest in the Lumileds US operations).

The transaction values the business at an enterprise value of approximately USD 3.3 billion. Philips expects to receive cash proceeds, before tax and transaction related costs, of approximately USD 2.8 billion as well as a deferred contingent payment of up to USD 100 million.

The transaction is expected to be completed in the third quarter of 2015, subject to closing conditions, including customary regulatory approvals.

Following the transaction, the new company will continue under the name Lumileds, led by CEO Pierre-Yves Lesaicherre. Philips will remain an important customer of Lumileds and will continue the existing innovation and supply partnership. The transaction includes the transfer of a patent portfolio of more than 600 patent families related to LED manufacturing and automotive lighting from Philips to Lumileds.

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