Philips sells 80% of lighting components unit

Philips hit the sale of a slice of 80.1 percent in its Division of components for lighting by 2.8 billion dollars to Go Scale Capital, Technology Fund will seek to expand business and Automotive LED bulbs the company.
The deal announced Tuesday is a prelude to a broader strategic move by Philips: spun off its main lighting Division, the largest manufacturer of such equipment in the world, through a listing on the stock market, as the Dutch group focuses on medical technology and selected consumer products.
Philips said the deal values the components business, which includes an automotive lighting unit and the business, "Lumileds" of manufacture of LED lamps, at 3.3 billion dollars including debt.
ABN Amro analyst Marc Hesselink said the sale price was "considerably above the market's expectations".
The unit had a profit of 141 million euros and turnover of 1.42 billion in 2014.