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Philips to sell Lumileds stake to U.S. investor Apollo for $1.5 bln
December 12, 2016 / 6:48 AM / 9 months ago

Philips to sell Lumileds stake to U.S. investor Apollo for $1.5 bln

AMSTERDAM, Dec 12 (Reuters) - 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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