Osram Sells Lighting Business - Energy Watch News


Osram Sells Lighting Business

In its meeting on Tuesday, July 26, the Supervisory Board of Osram approved the sale of the general lighting lamps business. The buyer of the business now known as Ledvance, is a Chinese consortium consisting of the strategic investor IDG Capital Partners (IDG), the Chinese lighting company MLS Co., Ltd. (MLS) and the financial investor Yiwu State-Owned Assets Operation Center (Yiwu). The purchase price amounts to nearly $440 million. Osram will additionally receive payments for license agreements of trademark rights. MLS will be able to significantly expand its position in the global lighting market through the transaction. Ledvance in return will gain improved access to the Chinese growth market as a result of this transaction. Based on an agreement with Osram, Ledvance will continue to use the Osram and Sylvania brand names at the product level. Intellectual property rights are clearly allocated so that the consortium and Ledvance can continue to drive global innovations and product development. The transaction is subject to certain closing conditions, regulatory approval by the relevant authorities. The transaction is expected to close in the course of fiscal 2017. http://www.tedmag.com

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