Philips Lighting Valuation $6 Billion International Investment Agency is eager to move

[Text / high-tech LED Yue Mengdi] US media BloombergBusiness (Bloomberg Business) reported on November 4 that the spin-off of the Royal Philips lighting business has attracted the interest of many top PE companies around the world, and according to people close to this matter, Philips Lighting is valued at 5.5 billion euros (about $6 billion).

According to reports, CVC Capital Partner (global well-known private equity and investment consulting company, hereinafter referred to as "CVC"), KKR (global well-known industrial investment institutions), Bain Capital (Bai Capital), Blackstone Group (Blackstone Group LP) and other well-known investments The organization is in the list of intent to acquire Philips Lighting. Both JPMorgan Chase and Goldman Sachs are also in contact with Philips, suggesting that the latter sell (lighting business).

"But still have not decided on the final offer." The person mentioned.

Bloomberg Business quoted Rabobank analysts as saying that the valuation of 5.5 billion euros is not too high. This valuation also indirectly increases the valuation of similar competitors such as OSRAM Lighting (which was planned to be divested from the OSRAM parent company in 2013).

In fact, Philips is not the first giant to have this move. Osram, the world's second-largest lighting company, is also splitting its lighting source and distribution channel business recently. Some analysts said its lamp business value is 1 billion euros (equivalent to RMB about 6.893 billion yuan, including debt. Osram's channel business has also caused many domestic LED companies to drool.

After Philips Lumileds was “competed” by China’s Goscale Capital for $2.8 billion in March this year, the M&A integration process was not smooth. A number of foreign media such as Wall Street Journals, Reuters, and Bloomberg all said that the transaction between Philips and Go Scale Capital was attacked by the US Foreign Investment Committee (CFIUS). Blocking, there are still some unanticipated hidden dangers.

Although Philips said that the company's management will take a variety of reasonable ways to continue to negotiate with CFIUS to resolve doubts. But Philips does not say that it is impossible to determine whether the transaction can be successfully achieved.

This seems to give hope to the investment companies such as CVC and KKR, which were previously suppressed by Go Scale Capital, to "grab" Lumileds back.

"If Philips can also sell Lumileds, it would be great because car lighting is also one of Lumileds' businesses." The Rabobank analyst said that the company is no longer bringing this asset to market, for investors and Philips, It will be easier.

Founded in 1891, Philips' lighting business contributes nearly one-third of the company's revenue and is the largest business unit outside of Philips' healthcare business.

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