Light Goes Out on Consortium Bid to Buy Lumileds

Royal Philips today announced that Philips and GO Scale Capital have terminated the agreement in which the consortium led by GO Scale Capital would have acquired an 80.1% interest in Lumileds.  A Philips press release said that, Despite the extensive efforts of Philips and GO Scale Capital to mitigate the concerns of the Committee on Foreign Investment in the United States (CFIUS), regulatory clearance has not been granted for this particular transaction.”

 ”I am very disappointed about this outcome as this was a very good deal for both Lumileds and the GO Scale Capital-led consortium,” said Frans van Houten, CEO of Royal Philips in the release. “This outcome does not, however, impact the fundamentals of the Lumileds business. Lumileds is a highly successful supplier of lighting components to the general illumination, automotive and consumer electronics markets with a strong customer base. We will now engage with other parties that have expressed an interest in exploring strategic options for Lumileds to pursue more growth and scale.” Details

 

TAGS: Syndicate
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish