AMSTERDAM Dec 12 Philips said on Monday it will sell an 80.1 percent stake in Lumileds, its LED components and car lighting business, to U.S. investor Apollo, receiving $1.5 billion in cash.
The deal values Lumileds at around $2 billion including debt, Philips said.
An earlier attempt to sell the business at a valuation of $3.3 billion to a group of Asian investors failed after it was blocked by the U.S. government for undisclosed security concerns. (Reporting by Toby Sterling; Editing by Muralikumar Anantharaman)
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