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WSJ: Blackstone and Onex to Bid for Philips Lighting

March 3, 2016
The Wall Street Journal is reporting that U.S.-based private equity firms Blackstone Group and Onex Corp. are teaming up to make a bid for Philips Lighting.

Philips' proposed sale of its lighting business continues to add grist to the international rumor mill. Last week it was the report that GO Scale Capital and its partners shifting their interest to Philips Lighting after being rebuffed by regulators over its intended purchase of Lumileds.

Now, The Wall Street Journal is reporting that U.S.-based private equity firms Blackstone Group and Onex Corp. are teaming up to make a bid for Philips Lighting. According to the WSJ report, "The business could be worth between €4.5 billion ($4.9 billion) and €5 billion."

Philips said it hopes to have a deal done within the first half of 2016.

More coverage as the story unfolds.

Read Blackstone and Onex Team Up to Bid for Philips Lighting (paywall)