HALISTER: Philips to Sell Majority Interest in Lumileds to Apollo

Philips to Sell Majority Interest in Lumileds to Apollo

(Bloomberg) -- Philips signed agreement to sell an 80.1% interest in Lumileds to certain funds managed by affiliates of Apollo Global Management.
  • Transaction values Lumileds at an enterprise value of ~$2b, including debt, debt-like items
  • Philips expects to receive cash proceeds, before tax and transaction-related costs, of ~$1.5b and participating preferred equity
  • Transaction expected to be completed in 1H 2017, subject to customary closing conditions, including regulatory approvals
  • Philips will retain remaining 19.9% interest
  • Sells majority interest in Lumileds to funds managed by affiliates of Apollo Global Management
  • E-mailed statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
PHIA NA (Koninklijke Philips NV)
APO US (Apollo Global Management LLC)

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