A few months after the Committee on Foreign Investments in the US denied an agreed-upon deal in which Philips (NYSE: PHG) would sell its Lumileds lighting unit to a consortium of Chinese investors for $2.8 billion, Apollo Global Management has stepped in to snap up the business at a comparative discount. The firm will pay $1.5 billion to buy an 80.1% interest in Lumileds upon the completion of a deal that values the business at about $2 billion.
The transaction continues a somewhat surprising trend. Besides clear-cut leader CVC Capital Partners, many of the private equity firms that most commonly conduct billion-dollar deals in Europe are based on the opposite side of the Atlantic. Since the start of 2009, 290 PE deals exceeding $1 billion were completed in Europe, according to the PitchBook Platform. And nine of the 13 firms to participate in at least eight such deals are headquartered in the US or Canada.
Here are the nine firms to invest in the most deals in Europe worth $1 billion-plus since the start of 2009: