Dutch electronics giant Philips is selling a majority stake in its LED and automotive lighting business.
A consortium led by GO Scale Capital has signed an agreement to buy 80.1% interest in the business in a deal worth $2.8 billion (£1.9bn).
The new company will continue under the name Lumileds. Philips’ Lighting Solutions business will remain an important customer, the firm said.
Lumileds is a supplier of lighting components, with operations in more than 30 countries and employs around 8,300 people worldwide.
Sonny Wu, Chairman of GO Scale Capital said: “Through Lumileds’ world-leading technology in key verticals such as LED chips, LED mobile flash and automotive lighting, together with a customer base including the likes of BMW, Volkswagen and Audi, we expect to see significant growth and unparalleled inroads into new opportunities such as electric vehicles.”
The transaction is expected to be completed in the third quarter of 2015.