According to reports, the Dutch giant Philips (Philips) recently said that they will sell 14.8% of the shares of Philips Lighting (LIGHT.AS).
As part of the Philips Group's strategy, the division of the lighting business to go public is an important plan for the company, Philips is expected to achieve a full plan within two years, the company's share price has risen 20% after this news.
Earlier, Philips Global CEO Wan Hao Dun said in an interview with the media, "The group has been in contact with Lumileds buyers, and we are very patient."
In fact, under the leadership of Marriott, Philips focuses on the healthcare market and divests the independent IPO of the lighting business and sells Lumileds assets. Earlier information disclosure, Philips is in talks with Apollo Asset Management to discuss the sale.
Indeed, Philips previously sold 25% of its lighting business in May 2016 and made the lighting business independent, making it the world's largest independent lighting product manufacturer.
Philips currently owns 71.2% of Philips Lighting's equity, and this time it sold 14.8% of the shares. If it is sold, it is expected to reduce Philips' Philips Lighting business share to 56.1%.
In addition, the sale of the Lumileds business, which has been in a state of suspension, also fell out at the end of last year.
In December last year, Philips announced that it had signed an equity transfer agreement to sell 80.1% of Lumileds' shares to certain funds managed by Apollo's global management company subsidiary. Philips will retain the remaining 19.9% ​​stake in Lumileds.
In this transaction, Lumileds' corporate value is approximately $2 billion, including debt and debt type projects. Philips is expected to receive cash income, pre-tax and transaction-related costs of approximately $1.5 billion and participation in preferred stock. The transaction is expected to be completed in the first half of 2017, subject to customary closing conditions, including obtaining regulatory approvals.
Apollo Senior Partner Robert Seminara said: "We are very excited about the management fund's ability to acquire Lumileds. We look forward to working with Philips and Lumileds' outstanding management teams and employees, and bringing Apollo resources to support this industry-leading business. Continued growth and innovation."
Lumileds CEO Pierre-Yves Lesaicherre said: “I believe that in collaboration with the Apollo Management Fund, Lumileds will focus on accelerating innovation in its leading lighting component portfolio. With our strong R&D program and intellectual property, we are always on hand. Prepared to respond to customers' current and future needs. Lumileds will work closely with its industry partners and customers to capture growth opportunities in exciting industries."
Lumileds is a leading supplier of lighting components for the general lighting, automotive and consumer electronics markets with operations in more than 30 countries and approximately 9,000 employees worldwide. In 2015, Lumileds achieved sales of approximately $2 billion.
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