Philips sells lighting component unit to US-Chinese investment firm

March 31, 2015 7:17 AM

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Dutch electronics giant Philips has sold a majority stake in its led and car lighting component activities to a consortium headed by Chinese-American investment company Go Scale Capital.

The deal values the company at $3.3bn and is expected to be completed in the third quarter. Philips will retain a 20% stake in the company which will be renamed Lumileds. Philips will remain an active client and will work together with the new owners, the company said in a statement.

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