Philips Makes Moves To Exit The LED Lighting Business

The lighting giant will focus instead on its medical equipment and lifestyle products.

Dutch lighting giant Philips said today that it will sell the majority of its LED components and auto-lighting businesses to Go Scale Capital, an investment group composed of venture capital firms GSR Ventures and Oak Investment Partners. The Lumileds business that is to be sold is Philips's lighting component manufacturing and automotive lighting arm. Philips is selling 80.1% of the stock in Lumileds for $2.8 billion, while keeping 19.9% for itself. This deal values Philips in its entirety at about $3.3 billion.

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