Philips sells 80 percent of lighting components unit for $2.8 billion

March 31, 2015 9:47 AM

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Philips sells 80 percent of lighting components unit for $2.8 billion

AMSTERDAM (Reuters) - Philips (PHG.AS) has agreed to sell an 80.1 percent stake in its lighting components division for $2.8 billion to Go Scale Capital, a technology fund that will seek to expand the company's automotive and LED businesses.

The deal announced on Tuesday is a prelude to an even bigger strategic move for Philips: spinning off its main lighting division, the world’s largest lighting maker, via a stock market flotation, as the Dutch group focuses on medical technology and selected consumer products.

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