Philips Light Division
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Een consortium of Asian companies interested in a takeover of Lumileds, the LED and automotive part of Philips that an estimated € 2.5 billion worth.
Het comes to the Chinese start-up Lattice Power, which works with investors GSR Ventures and Temasek, the Singapore state fund, confirms a source reporting from Reuters Sunday.
The consortium has made an offer at the last minute. Next week, Morgan Stanley, the consultant Philips start exclusive negotiations with one of the bidders. Until now, it seemed joint bid from private equity firms CVC and KKR on the winning side.
Bid for the last time
One of the sources told Reuters reports that the Asian consortium at the last minute has a ‘competitive bid’ laid down. Another source mentions the chance of success still “uncertain”.
Lattice Power is a small company, which last year $ 80 million money growth picked up in Development Asia Pacific Resources Development Investment. There is already a link between Philips and the Chinese company. The head of the US operations of Lattice, James Haworth, formerly worked as a director at Philips.
Light Division to the fair
Multinational Philips announced in September last year that it wants to bring his light division on the stock exchange and Lumileds (LEDs and automotive) to sell to investors. The group continues as a provider of health technology, which generate higher margins. Philips Lumileds has an annual turnover of € 1.4 billion last year and posted a profit of € 172 million.
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