Osram Licht to Sell Light Bulb and LED-Lamp Business
July 26 2016 - 1:32PM
Dow Jones News
By Eyk Henning and Natali Schwab
FRANKFURT -- Germany's Osram Licht AG Tuesday said it agreed to
sell its light-bulb and LED-lamp business to Chinese lighting
company MLS Co. and two co-investors for more than EUR400 million
($439.8 million).
The move helps the former unit of engineering giant Siemens AG
to focus on the automotive industry and lighting solutions for
buildings and cities. Some bankers speculated it could also make
Osram a more attractive takeover target.
The move sees Osram following the path of Dutch rival Royal
Philips NV, which floated a 25% stake in its general lighting
business valuing the entire unit at around EUR3 billion.
MLS, which was advised by Credit Suisse AG, joined with with
financial investors Yiwu State-Owned Assets Operation Center and
IDG Capital Partners for the acquisition. Osram was advised by UBS
AG.
With around 8,900 employees in more than 120 countries, Osram's
light-bulb unit contributes around EUR2 billion, or roughly 40%, to
the entire company's annual revenues.
Write to Eyk Henning at eyk.henning@wsj.com and Natali Schwab at
natali.schwab@wsj.com
(END) Dow Jones Newswires
July 26, 2016 13:17 ET (17:17 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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