(MENAFN) Electronics giant Philips said it was selling a majority stake in its LED and car lighting arm to a consortium led by China-based GO Scale Capital investment fund for USD2.8 billion, AFP reported.
The Amsterdam-based Philips expects to receive cash proceeds, before tax and transaction related costs, of approximately USD2.8 billion, the company said in a statement.
Part of the split included creating a separate company for some of its lighting activities, particularly for its LED and car lighting branches, to be branded under the name of Lumileds.
"Philips today announced that it has signed an agreement with a consortium led by GO Scale Capital through which they will acquire an 80.1 percent interest in Philips," it said.
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