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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