GSR Ventures, Oak Acquire 80.1% Stake in Philips Lighting Unit
April 01, 2015
GSR Ventures and Oak Investment Partners have made an agreement to acquire 80.1% of the combined LED Components and Automotive lighting business of Philips through a co-sponsored fund; the remaining ownership interest will be retained by Philips. The transaction, which is expected to close in 3Q, values the business at an enterprise value of approximately $3.3 billion. In addition, Philips will transfer a broad patent portfolio of more than 600 patent families related to LED manufacturing and auto lighting to the new investors. The new company will continue under the name Lumileds.