Philips sells most of its lighting components unit for $2.8 billion

March 31, 2015 7:16 AM

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AMSTERDAM (Reuters) – Philips has agreed to sell an 80.1 percent stake in its lighting components division for $2.8 billion (2 billion pounds) to Go Scale Capital, a technology fund that will seek to build the company’s automotive LED business.

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 electronics.

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