Philips sells 80.1 percent of lighting components unit for $2.8 billion

March 31, 2015 6:19 AM

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Philips sells 80.1 percent of lighting components unit for $2.8 billion

AMSTERDAM (Reuters) - Philips said on Tuesday it has agreed to sell an 80.1 stake in its lighting components division for $2.8 billion to Go Scale Capital, a new investment fund that focuses on LEDs and electric car battery technology.

Philips said the deal values the subsidiary, which comprises an automotive light unit and Philips' "Lumileds" LED business, at $3.3 billion in cash and debt. The division reported a 2014 profit of 141 million euros on sales of 1.42 billion.

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