Philips Said to Be in Talks to Sell Lumileds Unit to Apollo - Energy Watch News


Philips Said to Be in Talks to Sell Lumileds Unit to Apollo

Royal Philips NV is in talks to sell its Lumileds lighting-components division to Apollo Global Management LLC after scrapping a plan to sell the business for $2.8 billion earlier this year amid regulatory concerns. Apollo is the likeliest buyer after other private equity firms dropped out of talks. The Amsterdam-based company is aiming to reach a deal by the end of October, Philips Chief Executive Officer Frans van Houten said he’s likely to get less for Lumileds now than the original price. Analysts at ING Groep NV estimate Lumileds’s total value at $2 billion, before expenses, a discount to the previous sale’s price. https://www.bloomberg.com/

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