Preview Newsletter

GSR- Go Scale

Top Media Outlets

Philips to Sell Controlling Stake in LED Business for Up to $2.9 Billion
Mar 31, 2015 | The New York Times - Dealbook
By Chad Bray

Philips, the Dutch electronics giant, said on Tuesday that it had agreed to sell a controlling stake in its automotive lighting and LED components business for as much as $2.9 billion. A consortium led by the new investment fund...
After bagging Philips unit, China fund says to seek more deals
Apr 1, 2015 | Reuters
By Elzio Barreto and Deena YAO

Chinese investment fund GO Scale Capital will use its $2.8 billion (1.9 billion pounds) winning bid for Philips's lighting unit as a model to pursue other potential takeovers in areas such as biomedicine and clean energy, its executives said on Wednesday.
Philips Sells Majority Stake in LED Components, Automotive Business
Mar 31, 2015 | The Wall Street Journal
By Maarten van Tartwijk

Koninklijke Philips NV plans to sell a majority stake in its lighting components and automotive-lighting activities to an investment consortium in a cash deal that values the business at about $3.3 billion.
Philips sells 80 percent of lighting components unit for $2.8 billion
Mar 31, 2015 | Reuters
By Toby Sterling

Philips (PHG.AS) has agreed to sell an 80.1 percent stake in its lighting components division for $2.8 billion to Go Scale Capital, a technology fund that will seek to expand the company's automotive and LED businesses.
Philips to Sell Lighting-Unit to Investors for $2.8 Billion
Mar 31, 2015 | Bloomberg Business
By Elco Van Groningen & Celeste Perri

Royal Philips NV agreed to sell a majority stake in its Lumileds lighting components unit to a group of investors as Chief Executive Officer Frans van Houten focuses the Dutch company on the consumer health-care market.
Philips sells stake in LED components, automotive lighting
Mar 31, 2015 | AP (in the Washington Post)

Electronics giant Philips says it is selling a majority stake in its LED components and automotive lighting division to a consortium led by investment fund GO Scale Capital in a deal worth up to $2.9 billion.
Philips sells LED and car business stake to PE groups for $2.8bn
Mar 31, 2015 | Financial Times
By Duncan Robinson

Philips has sold off a majority stake in its LED and car business to private equity investors for $2.8bn as part of its plan to move beyond lightbulbs and focus more on healthcare equipment. The Amsterdam-based company will retain ...
Philips earns credibility with lighting selloff
Mar 31, 2015 | Reuters Blog
By Dominic Elliott

Philips has earned credibility with the sale of its lighting components unit. The Dutch electronics group agreed on March 31 to sell 80.1 percent of its LED components and car lights business to an Asian technology fund for $2.8 ...
Philips to Sell Lighting-Unit to Investors for $2.8 Billion
Mar 31, 2015 | The Washington Post

The buyers led by GO Scale Capital beat a rival consortium consisting of KKR & Co. and CVC Capital Partners and will pay Philips $2.8 billion for the 80.1 percent stake. GO Scale is a fund sponsored by GSR Ventures, which has offices in Beijing, Hong Kong and Silicon Valley, and Oak Investment Partners.
Philips in $2.8bn lighting components deal
Mar 31, 2015 | BBC News

Philips is to sell 80% of its holding in its lighting components business for $2.8bn (£1.89bn). It is selling the stake to Go Scale Capital, a technology fund which plans to sell more car lighting systems and LED lamps.
Philips to sell majority stake in lighting business to consortium
Mar 31, 2015 | MarketWatch

Koninklijke Philips NV PHIA, -1.20% has sold a majority stake in its light-emitting diode components and automotive-lighting activities to a private-equity consortium in a deal that values the business at about $3.3 billion.

English Media Outlets

Philips Sells Lighting Business to Consortium--Update
Mar 31, 2015 | Nasdaq

Koninklijke Philips NV has sold a majority stake in its light-emitting diode components and automotive-lighting activities to a private-equity consortium in a deal that values the business at about $3.3 billion. The transaction is part of a long-running overhaul of the Dutch electronic-equipment group's business.
GO Scale Capital Investment Consortium Leads 80.1% Acquisition of Lumileds From Philips
Mar 31, 2015 | CNBC

GO Scale Capital, an investment fund sponsored by GSR Ventures and Oak Investment Partners has announced today that it will acquire an 80.1% interest in Philips' combined LED components and Automotive lighting business, with Philips retaining the remaining 19.9%* interest. The transaction values the business at an enterprise value of ...
Philips sells majority state in LED components, automotive lighting division to consortium
Mar 31, 2015 | Fox Business News

Electronics giant Philips says it is selling a majority stake in its LED components and automotive lighting division to a consortium led by investment fund GO Scale Capital in a deal worth up to $2.9 billion.
Philips sells lighting unit to Go Scale Capital for $2.8bn
Mar 31, 2015 | International Business Times
By M Rochan

Philips has agreed to sell an 80.1% stake in its lighting components subsidiary, which includes an automotive lighting unit and the Lumileds LED manufacturing arm, to a private equity consortium for $2.8bn (£1.9bn, €2.6bn).
GO Scale Capital Investment Consortium Leads 80.1% Acquisition of Lumileds From Philips
Mar 31, 2015 | Yahoo News

GO Scale Capital, an investment fund sponsored by GSR Ventures and Oak Investment Partners has announced today that it will acquire an 80.1% interest in Philips' combined LED components and Automotive lighting business...
LED Philips sells 80% of LED lighting business for $2.8 bn
Mar 31, 2015 | Greentech Lead
By Sabeena Wahid

Philips has sold a majority stake in its LED components and electric car battery business to a private-equity consortium, at a value of about $2.8 billion. Philips is planning to sell 80.1 shares in its lighting division to Go Scale Capital...
Philips sells 80.1% of lighting components unit for $2.8 billion
Mar 31, 2015 | The Economic Times

Philips said on Tuesday it has agreed to sell an 80.1 stake in its lighting components division for $2.8 billion to Go Scale Capital, a new investment fund that focuses on LEDs and electric car battery technology.
Wall Street Set To Pause As Focus Shifts To Economy
Mar 31, 2015 | RTT News

Trading in the major U.S. index futures suggests that Wall Street stocks may open Tuesday's session lower after advancing in the previous two sessions. After Asian stocks, with the exception of Japan and China ended on an ...
GO Scale Capital Investment Consortium to Acquire 80.1% Stake in Lumileds from Philips for ~$2.8B
Mar 31, 2015 | Benzinga
By Charles Gross

GO Scale Capital has announced today that it will acquire an 80.1% interest in Philips' PHG 1.88% combined LED components and Automotive lighting business, with Philips retaining the remaining 19.9%* interest.

China Media Outlets

飛利浦出售照明業務多數股權
Mar 31, 2015 | AP (in the Wall Street Journal)

荷蘭皇家飛利浦電子股份有限公司(Koninklijke Philips N.V., PHG)已向一家私募股權財團出售了其所持的發光二極管(LED)組件以及汽車照明業務的多數股權，該交易對這部分業務的估值為33億美元左右。
Philips Lumileds將賣給中資為主的創投團隊僅保留2成股份
Mar 31, 2015 | LED Inside
By Carina Ying

業界極為關注的飛利浦旗下LED事業Philips Lumileds公司的動向，終於在2015年3月31日由Philips方面正式宣佈，由金沙江GO Scale Capital (金沙江創業投資與橡樹投資夥伴聯合組成的基金) 牽頭，亞太資源開發投資有限公司和南昌工業控股集團有限公司等中資、外資財團聯合組成的併購基金，收購荷蘭皇家飛利浦公司旗下Lumileds公司共 80.1%的股份，飛利浦公司將保留剩餘的19.9%的股份。
LED 产业大地震！GO Scale 吃下 Lumileds 逾八成股权
Mar 31, 2015 | Tech News

飞利浦（Royal Philips NV）31 日宣布，旗下 LED 与汽车照明事业 80.1% 股权将卖给 GO Scale Capital 投资基金，公司将保有剩余的 19.9% 股份。GO Scale 背后金主包括金沙江（GSR）创投、橡树投资伙伴公司（Oak Investment Partners）、亚太资源开发投资有限公司、南昌工业控股集团以及金沙江资本。
飞利浦出售照明业务八成股份重点转向医疗技术
Mar 31, 2015 | Sina Tech

新浪科技讯北京时间3月31日下午消息，飞利浦公司同意将其Lumileds照明组件部门的多数股份出售给一组投资者，原因是该公司CEO万豪敦(Frans van Houten)希望把发展重点集中于消费保健市场。
GO Scale Capital 205亿控股飞利浦Lumileds
Mar 31, 2015 | Sohu Business

第一财经日报》记者刚刚获悉，由金沙江GO Scale Capital(金沙江创业投资与橡树投资伙伴联合组成的基金)牵头，亚太资源开发投资有限公司和南昌工业控股集团有限公司等中资、外资财团的鼎力支持下的并购基金日前宣布成功收购荷兰皇家飞利浦公司旗下Lumileds80.1%的股份，飞利浦公司将保留剩余的19.9%的股份。
GO Scale Capital 205亿控股飞利浦Lumileds
Mar 31, 2015 | Yicai

第一财经日报》记者刚刚获悉，由金沙江GO Scale Capital(金沙江创业投资与橡树投资伙伴联合组成的基金)牵头，亚太资源开发投资有限公司和南昌工业控股集团有限公司等中资、外资财团的鼎力支持下的并购基金日前宣布成功收购荷兰皇家飞利浦公司旗下Lumileds80.1%的股份，飞利浦公司将保留剩余的19.9%的股份。
金沙江创投牵头 33亿美元购飞利浦照明业务80%股权
Mar 31, 2015 | NBD

每日经济新闻》记者从金沙江创投官方获悉，由“GO Scale Capital”（金沙江创业投资与橡树投资伙伴联合组成的基金）牵头，亚太资源开发投资有限公司（以下简称亚太资源）和南昌工业控股集团有限公司（以下简称南昌工业）等中资、外资财团支持的并购基金，宣布成功收购荷兰皇家飞利浦公司（以下简称飞利浦）旗下Lumileds ...
《科技》金沙江集團收購Lumileds，跨足海外市場
Apr 1, 2015 | China Times

金沙江GO Scale Capital集團宣布，以33億美元收購荷蘭皇家飛利浦公司旗下Lumileds 80.1%的股份，新的Lumileds將包括原有的LED事業以及從飛利浦集團分拆出來的汽車照明事業部，預計今年第3季獲得相關市場的監管部門批淮，交易條件都確認後才會完成。

Full Text of Stories Below

Top Media Outlets

Philips to Sell Controlling Stake in LED Business for Up to $2.9 Billion

Mar 31, 2015 | The New York Times - Dealbook

By Chad Bray

Philips, the Dutch electronics giant, said on Tuesday that it had agreed to sell a controlling stake in its automotive lighting and LED components business for as much as $2.9 billion.
A consortium led by the new investment fund GO Scale Capital would acquire an 80.1 percent stake in the business, which Philips combined into a stand-alone company last year. GO Scale Capital is sponsored by GSR Ventures and Oak Investment Partners.
Philips, which would retain the remaining 19.9 percent, would receive $2.8 billion in cash and a deferred contingent payment of up to $100 million. The deal values the business around $3.3 billion in total.
“Philips is very positive about this transaction with GO Scale Capital,” Frans van Houten, the Philips chief executive, said in a news release, adding, “We have significantly improved the performance of the LED components business and optimized the industrial footprint in the automotive lighting business over the last few years, and established a strong management team and innovation pipeline.”
The transaction is expected to close in the third quarter and requires regulatory approval.
After the deal, the company would continue to operate under the name Lumileds with Pierre-Yves Lesaicherre as chief executive.
The Lumileds business posted sales of about $2 billion in 2014. It has operations in more than 30 countries and about 8,300 employees worldwide.
The announcement is the latest move by Philips as it restructures operations to focus on growth areas.
In September, Philips, based in Amsterdam, said it planned to split its remaining businesses into two companies: one focused on health care and technology, and the other on lighting.
Philips said in March that it planned to spin off its remaining lighting business, known as Lighting Solutions, in an initial public offering next year, but that it was also reviewing other options.
Lighting Solutions includes three divisions that cover offerings like traditional light bulbs and complete lighting systems. It will remain an important customer of Lumileds after the transaction.
The New York Times: http://www.nytimes.com/2015/04/01/business/dealbook/philips-to-sell-controlling-stake-in-led-business-for-up-to-2-9-billion.html

Return to headline | Return to top
After bagging Philips unit, China fund says to seek more deals

Apr 1, 2015 | Reuters

By Elzio Barreto and Deena YAO

Chinese investment fund GO Scale Capital will use its $2.8 billion (1.9 billion pounds) winning bid for Philips's lighting unit as a model to pursue other potential takeovers in areas such as biomedicine and clean energy, its executives said on Wednesday.
Beijing-based GO Scale has roped in well-connected China Internet and green technology investors, such as GSR Ventures and billionaire solar magnate Cheng Kin Ming. U.S-based Oak Investment Partners is also a backer of the fund.
The last-minute Philips bid trumped marquee buyout firms, including a joint offer by KKR & Co and CVC Capital and a separate one from Bain Capital, driving home the reality that a new breed of Chinese suitors with deep business connections and confidence to strike global deals are here to stay.
GO Scale Capital is now seeking acquisitions in life sciences and new materials among others, which would help propel the little-known Chinese investment shop to the global stage.
"It's a model for us in the future, linking up global resources with the China market," Cheng told a media conference, referring to the Philips deal.
GSR Ventures has about $1 billion under management, while bigger partner Oak has invested $9 billion since it was founded nearly 40 years ago. The two companies have previously jointly invested in LED lighting firm SunSun Lighting and battery maker Boston Power, where Cheng is also an investor, among others.
GO Scale expects to generate about five times return on its initial investment in the Philips unit, called Lumileds, said Sonny Wu, chairman of GO Scale.
GO Scale said the acquisition will be financed in part with its own funds, funds from Cheng's Asia Pacific Resources Development Investment Ltd, unnamed institutional partners and investors that have participated in GSR and Oak's funds.
Like other Chinese acquirers of global companies and brands, GO Scale plans to tap into demand from mainland China.
China has huge potential market for a lot of clean technologies that could use the local market to gain scale before being used globally, Allan Kwan, a venture partner of Oak, said in an interview.
"The future is more about consolidation of the industry. For example, Philips Lumileds could be the platform to start to absorb potential technologies or industry players that can help it grow even faster," added Kwan, who was part of Yahoo! International when the U.S. Internet giant made a $1.7 billion investment in Alibaba.com in 2005 before he joined Oak.
Reuters: http://uk.reuters.com/article/2015/04/01/uk-china-fund-m-a-idUKKBN0MS3ZS20150401

Return to headline | Return to top
Philips Sells Majority Stake in LED Components, Automotive Business

Mar 31, 2015 | The Wall Street Journal

By Maarten van Tartwijk

Koninklijke Philips NV plans to sell a majority stake in its lighting components and automotive-lighting activities to an investment consortium in a cash deal that values the business at about $3.3 billion.
The sale marks the first step in a two-part plan by the Dutch electronics group to exit the lighting business to focus on medical equipment and consumer-lifestyle products.
The plan echoes the decision by Siemens AG, the German engineering group, which in 2013 listed Osram Licht AG, its lighting business, having previously separated it from the main group. Philips Lighting and Osram compete with the lighting division of General Electric Co.
Go Scale Capital, a fund led by venture-capital firms GSR Ventures and Oak Investment Partners, plans to acquire an 80.1% stake in the combined Philips business, with Philips retaining the remaining stake. Philips pockets around $2.8 billion in cash which will partly be used to repay debt, a Philips spokesman said.
Philips said earlier this month it also plans to spin off the bulk of its lighting business, which supplies light-emitting diode lamps and lighting systems, through an initial public offering next year. Once that happens, the group would have two main businesses, one supplying health-care equipment, such as hospital scanners, and the other, consumer gadgets such as coffee machines and shavers.
Philips had decided to sell the lumileds, as LED components are known, and automotive business separately because it was no longer deemed a strategic fit with the rest of the lighting operations. Management is trying to shift them toward services, such as supplying lighting systems for cities and sporting venues, from manufacturing.
The business Go Scale Capital is taking over makes LED chips used in televisions and smartphones as well as traffic lights and lights for cars. It reported $2 billion in sales in 2014, or nearly a third of Philips’ total lighting revenue of €6.87 billion.
Philips’s decision to jettison its lighting activities follows several years of stagnating sales even though demand for LED lamps is rising as countries phase out less energy-efficient incandescent light bulbs. Competition has proved fierce in the sector while the longer lifespan of LED lamps has changed the industry’s dynamics.
Sonny Wu, co-founder of GSR Ventures and chairman of GO Scale Capital, said the lumileds and automotive lighting business still offers “significant growth and unparalleled inroads into new opportunities such as electric vehicles.”
Mr. Wu’s venture-capital firm primarily invests in technology startups in China, with a focus on semiconductor companies, wireless firms and green technology. The Go Scale Capital fund recently invested in Boston Power Inc., a U.S…based manufacturer of batteries for electric vehicles.
Analysts said Philips fetched a good price for the business, which could bode well for the IPO of the entire lighting arm next year.
“The deal illustrates that Philips can maximize value while still securing a robust future for its divested lighting activities,” said Robin van den Broek of ING, a Dutch bank.
Philips shareholders will vote on the proposed separation of the remaining lighting activities at their annual meeting slated for May 7.
The Wall Street Journal: http://www.wsj.com/articles/philips-sells-lighting-business-to-consortium-1427780362

Return to headline | Return to top
Philips sells 80 percent of lighting components unit for $2.8 billion

Mar 31, 2015 | Reuters

By Toby Sterling

Philips (PHG.AS) has agreed to sell an 80.1 percent stake in its lighting components division for $2.8 billion to Go Scale Capital, a technology fund that will seek to expand the company's automotive and LED businesses.
The deal announced on Tuesday is a prelude to an even bigger strategic move for Philips: spinning off its main lighting division, the world’s largest lighting maker, via a stock market flotation, as the Dutch group focuses on medical technology and selected consumer products.
Philips said the deal values the components business, which comprises an automotive lighting unit and the "Lumileds" LED manufacturing business, at $3.3 billion including debt.
ABN Amro analyst Marc Hesselink said the sale price was "considerably above market expectations". The unit made a profit of 141 million euros on sales of 1.42 billion in 2014.
Go Capital was advised by London-based Zaoui & Co, while Philips was advised by Morgan Stanley.
Philips shares, which had hit a 14-month high of 27.675 euros earlier this month, eased 0.4 percent to 26.53 euros by 0952 GMT.
Go Scale, which beat off competition from private equity firms to seal the deal, has previously invested in Boston Power, a U.S.-based manufacturer of electric vehicle batteries, and Xin Da Yang, a Eco-EV company in China.
It said it plans to expand the business, building on Philips' customer base which includes the likes of Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Audi.
"We expect to see significant growth and unparalleled inroads into new opportunities such as electric vehicles,” Go Scale chairman Sonny Wu said.
Go Scale is funded by GSR Ventures, with offices in Hong Kong, Beijing and Silicon Valley, and by Oak Investment Partners. Consortium partners include Asia Pacific Resource Development, Nanchang Industrial Group and GSR Capital.
"There were other bidders, also good bidders, perhaps with fewer connections in the industry of semiconductors and the ability to help in building out scale," Philips CEO Frans van Houten told reporters.
Reuters had reported that rival bidding groups led by private equity firms CVC-KKR and Bain Capital had been vying for Lumileds until the Asian-oriented group entered the bidding in mid-March.
LEDs, or light-emitting diodes, are semiconductor devices that emit light when an electric current passes through them.
Although their use has boomed in recent years, the industry has suffered from overcapacity and price erosion. Philips has said its LED business has operating margins above 10 percent after a 2012 restructuring under Pierre-Yves Lesaicherre, but needs further investment to improve scale.
Philips said it wanted to sell the subsidiary, which will be called "Lumileds," because so many of its customers compete with Philips itself. Approximately 20 percent of component sales are to Philips' own main lighting business.
Reuters: http://www.reuters.com/article/2015/03/31/us-philips-divestiture-go-scale-idUSKBN0MR0FI20150331

Return to headline | Return to top
Philips to Sell Lighting-Unit to Investors for $2.8 Billion

Mar 31, 2015 | Bloomberg Business

By Elco Van Groningen & Celeste Perri

Royal Philips NV agreed to sell a majority stake in its Lumileds lighting components unit to a group of investors as Chief Executive Officer Frans van Houten focuses the Dutch company on the consumer health-care market.
The buyers led by GO Scale Capital beat a rival consortium consisting of KKR & Co. and CVC Capital Partners and will pay Philips $2.8 billion for the 80.1 percent stake. GO Scale is a fund sponsored by GSR Ventures, which has offices in Beijing, Hong Kong and Silicon Valley, and Oak Investment Partners.
“It’s a good deal for Philips,” said ING Bank analyst Robin van den Broek. The winning bid was higher than expected as analysts valued the whole asset at about $2.7 billion, he said.
The sale marks a turning point for Philips, which has sold lighting products since its founding in 1891. The separation of the unit, the world’s biggest maker of lamps and bulbs, mirrors Munich-based Siemens AG’s move in mid-2013 to spin off Osram Licht AG as an industrywide shift toward more-efficient light-emitting diodes intensified competition.
GO Scale Capital said in an e-mailed statement today the purchased business will benefit from the cooperation with its other lighting assets and allow to expand its automotive LED business. The fund’s other investments include Boston Power, a U.S.-based manufacturer of electric vehicle batteries, and Chinese company Xin Da Yang. Automotive Technology
“The team brings deep knowledge of the LED components and automotive technology industries,” GO Scale Capital said. “This uniquely complements Lumileds’ high-power LED manufacturing footprint and expertise, and the combination offers opportunities for the company to pursue further growth and scale.”
The new company will continue under the name Lumileds. Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, will serve as interim chairman. Wu, a Chinese investor in solar power and lighting technology, has made co-investments with Cheng Kin Ming, a Hong Kong property tycoon who has amassed about $20 billion in solar manufacturing assets.
Lumileds, which sells lighting components to the general illumination, automotive and consumer electronics markets, has operations in more than 30 countries. In 2014, it generated sales of about $2 billion. Public Offering
The buyers paid an “attractive price” for the stake and will allow Lumileds to expand capacity, Van Houten said during a conference call with journalists. Philips will retain the remaining stock. As part of the transaction, the company will transfer about 600 patent groups tied to LED manufacturing and automotive lighting and expects the transaction to be completed in the third quarter, the CEO said.
Philips shares dropped 0.3 percent to 26.56 euros at 10:06 a.m. in Amsterdam, valuing the company at about 24.8 billion euros.
Philips plans to carry out an initial public offering of its overall lighting business next year to focus on a potential 100 billion-euro ($107 billion) consumer health-care market.
The Dutch company is focusing the company on medical technology, betting that patients will increasingly monitor their health and nutrition on smartphones and other devices. The company is creating a business called HealthTech, bringing together products such as medical scanners, toothbrushes and espresso machines.
Bloomberg Business: http://www.bloomberg.com/news/articles/2015-03-31/philips-to-gain-2-8-billion-from-sale-of-lighting-unit-stake

Return to headline | Return to top
Philips sells stake in LED components, automotive lighting

Mar 31, 2015 | AP (in the Washington Post)

Electronics giant Philips says it is selling a majority stake in its LED components and automotive lighting division to a consortium led by investment fund GO Scale Capital in a deal worth up to $2.9 billion.
Philips announced Tuesday it is selling an 80.1 percent stake and retaining the remaining interest in the business that makes lighting components for general use and for the automobile industry.
The deal is expected to be completed in the third quarter of 2015 subject to regulatory approval. The newly formed company will be called Lumileds and will continue to act as a supplier to Philips.
Philips CEO Frans van Houten says he is convinced that “together with GO Scale Capital, Lumileds can grow further, attract more customers and increase scale as a stand-alone company.”
The Washington Post: http://www.washingtonpost.com/business/philips-sells-stake-in-led-components-automotive-lighting/2015/03/31/d3586604-d774-11e4-bf0b-f648b95a6488_story.html

Return to headline | Return to top
Philips sells LED and car business stake to PE groups for $2.8bn

Mar 31, 2015 | Financial Times

By Duncan Robinson

Philips has sold off a majority stake in its LED and car business to private equity investors for $2.8bn as part of its plan to move beyond lightbulbs and focus more on healthcare equipment.
The Amsterdam-based company will retain a 19.9 per cent stake in the business following the sale of the 80.1 per cent stake to GO Scale Capital, an investment fund run by private equity groups GSR Ventures and Oak Investment Partners.
The disposal comes after the Dutch group announced plans to spin off its lighting business in September last year — effectively ending its 124-year link with making lightbulbs.
This split will leave behind a higher-margin health technology and consumer business, which will make products ranging from hospital scanners to electric toothbrushes.
Meanwhile, the independent lighting business will focus on offering services — for instance software that manages energy usage across a lighting network — rather than just selling hardware. Earlier this month, Philips confirmed that it would go ahead with an initial public offering of the lighting business in 2016.
The split is the final stage of a series of disposals that has reduced Philips from a sprawling conglomerate that made everything from toothbrushes to televisions into a business focused primarily on healthcare.
Frans van Houten, chief executive of Philips, said: “We have significantly improved the performance of the LED components business and optimised the industrial footprint in the automotive lighting business over the past few years, and established a strong management team and innovation pipeline.”
Analysts welcomed the long-awaited disposal, which is scheduled to be completed in the third quarter of this year. The $2.8bn price tag for the 80.1 per cent stake was “considerably” above market expectations, according to analysts at Dutch bank ABN Amro.
The automotive division, which sells equipment to BMW and Volkswagen, had sales of €1.4bn in 2013, accounting for nearly a fifth of sales in Philips’ lighting division. The lighting division as a whole, meanwhile, accounted for just under a third of Philips’ global sales of €21.4bn last year.
Sonny Wu, the chairman of GO Scale Capital, said: “GO Scale Capital will focus on expanding [the division’s] opportunities by investing in its global centres of operation and in the fast growing general lighting and automotive industries.”
Shares in the group were down 1.4 per cent to €26.26 at lunchtime, coming off their recent 12-month high earlier in the month.
Financial Times: http://www.ft.com/intl/cms/s/0/40bc33da-d78c-11e4-94b1-00144feab7de.html#axzz3VwaaBn2I

Return to headline | Return to top
Philips earns credibility with lighting selloff

Mar 31, 2015 | Reuters Blog

By Dominic Elliott

Philips has earned credibility with the sale of its lighting components unit. The Dutch electronics group agreed on March 31 to sell 80.1 percent of its LED components and car lights business to an Asian technology fund for $2.8 billion. Shedding the business, known as Lumileds, is a useful plank in a wider restructuring.
The price implies a total enterprise value of $3.3 billion – way ahead of the 2.1 billion euro ($2.3 billion) valuation recently attributed by Barclays analysts, and a hefty 1.65 times last year’s sales. Osram, a German rival with a wider mix of businesses, trades on 0.8 times trailing sales, according to Starmine data. Philips could also potentially enjoy a $100 million earn-out.
Buyout firms’ hunger for corporate cast-offs helped bump up the price. Winner GO Scale Capital, a little known Chinese outfit, saw off interest from U.S. heavyweights such as Bain, CVC, KKR, Apollo and Carlyle, according to a person familiar with the situation.
It looks like GO Scale stretched every sinew: Chairman Sonny Wu has roped in his own venture capital firm GSR Ventures, plus American peer Oak Investment Partners. As VC firms, both would usually focus on much smaller deals. Property tycoon-turned-cleantech investor Zheng Jianming is also helping, as is a vehicle linked to a Chinese regional capital. Equity could be syndicated later.
Despite numerous selloffs, Philips still sprawls from X-ray machines to nose-hair trimmers. This selloff, at a better-than-expected price, is a small step in the right direction. A far bigger test looms: hiving off the remaining “lighting solutions” unit. This has revenue four times larger than Lumileds’ and will probably be floated.
Reuters: http://blogs.reuters.com/breakingviews/2015/03/31/philips-earns-credibility-with-lighting-selloff/

Return to headline | Return to top
Philips to Sell Lighting-Unit to Investors for $2.8 Billion

Mar 31, 2015 | The Washington Post

The buyers led by GO Scale Capital beat a rival consortium consisting of KKR & Co. and CVC Capital Partners and will pay Philips $2.8 billion for the 80.1 percent stake. GO Scale is a fund sponsored by GSR Ventures, which has offices in Beijing, Hong Kong and Silicon Valley, and Oak Investment Partners.
“It’s a good deal for Philips,” said ING Bank analyst Robin van den Broek. The winning bid was higher than expected as analysts valued the whole asset at about $2.7 billion, he said.
The sale marks a turning point for Philips, which has sold lighting products since its founding in 1891. The separation of the unit, the world’s biggest maker of lamps and bulbs, mirrors Munich-based Siemens AG’s move in mid-2013 to spin off Osram Licht AG as an industrywide shift toward more-efficient light- emitting diodes intensified competition.
GO Scale Capital said in an e-mailed statement today the purchased business will benefit from the cooperation with its other lighting assets and allow to expand its automotive LED business. The fund’s other investments include Boston Power, a U.S.-based manufacturer of electric vehicle batteries, and Chinese company Xin Da Yang.
Automotive Technology
“The team brings deep knowledge of the LED components and automotive technology industries,” GO Scale Capital said. “This uniquely complements Lumileds’ high-power LED manufacturing footprint and expertise, and the combination offers opportunities for the company to pursue further growth and scale.”
The new company will continue under the name Lumileds. Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, will serve as interim chairman. Wu, a Chinese investor in solar power and lighting technology, has made co-investments with Cheng Kin Ming, a Hong Kong property tycoon who has amassed about $20 billion in solar manufacturing assets.
Lumileds, which sells lighting components to the general illumination, automotive and consumer electronics markets, has operations in more than 30 countries. In 2014, it generated sales of about $2 billion.
Public Offering
The buyers paid an “attractive price” for the stake and will allow Lumileds to expand capacity, Van Houten said during a conference call with journalists. Philips will retain the remaining stock. As part of the transaction, the company will transfer about 600 patent groups tied to LED manufacturing and automotive lighting and expects the transaction to be completed in the third quarter, the CEO said.
Philips shares dropped 0.3 percent to 26.56 euros at 10:06 a.m. in Amsterdam, valuing the company at about 24.8 billion euros.
Philips plans to carry out an initial public offering of its overall lighting business next year to focus on a potential 100 billion-euro ($107 billion) consumer health-care market.
The Dutch company is focusing the company on medical technology, betting that patients will increasingly monitor their health and nutrition on smartphones and other devices. The company is creating a business called HealthTech, bringing together products such as medical scanners, toothbrushes and espresso machines.
The Washington Post: http://washpost.bloomberg.com/Story?docId=1376-NLIT8V6KLVRY01-2A43I35M4NUM2VPNU3DQRLMK2G

Return to headline | Return to top
Philips in $2.8bn lighting components deal

Mar 31, 2015 | BBC News

Philips is to sell 80% of its holding in its lighting components business for $2.8bn (£1.89bn).
It is selling the stake to Go Scale Capital, a technology fund which plans to sell more car lighting systems and LED lamps.
Philips will focus on consumer goods and medical technology.
Lumileds, as the new business will be known, will have 8,300 employees worldwide and had sales in 2014 of more than €2bn (£1.45bn).
"We expect to see significant growth and unparalleled inroads into new opportunities such as electric vehicles," said Go Scale chairman Sonny Wu.
ABN Amro analyst Marc Hesselink said the sale price was "considerably above market expectations".
The sale is being seen as the beginning of Philips' break from the lighting industry. It has been making light bulbs since the 1890s.
Philips said in September last year that it planned to split itself in two, separating its lighting business from its healthcare division.
It said at the time that both companies would continue to be based in the Netherlands and use the Philips name.
It also said it would consider "various options for alternative ownership structures'' for the lighting arm, meaning it could potentially be sold or listed separately on the stock market.
Philips has been streamlining its business by selling off underperforming parts of the business in recent years.
The move by Philips follows the sale by rival Siemens of their Osram lighting business in 2013.
BBC News: http://www.bbc.com/news/business-32131530

Return to headline | Return to top
Philips to sell majority stake in lighting business to consortium

Mar 31, 2015 | MarketWatch

Koninklijke Philips NV PHIA, -1.20% has sold a majority stake in its light-emitting diode components and automotive-lighting activities to a private-equity consortium in a deal that values the business at about $3.3 billion.
GO Scale Capital, an investment fund sponsored by GSR Ventures and Oak Investment Partners, said it would buy an 80.1% stake in the Philips LED components and automotive-lighting business in a deal which is expected to be completed in the third quarter of 2015. Philips would retain a 19.9% interest in the business.
The deal includes the transfer of a patent portfolio of more than 600 patent families related to LED manufacturing and automotive lighting, GO Scale Capital said.
MarketWatch: http://www.marketwatch.com/story/philips-to-sell-majority-stake-in-lighting-business-to-consortium-2015-03-31

Return to headline | Return to top

English Media Outlets

Philips Sells Lighting Business to Consortium--Update

Mar 31, 2015 | Nasdaq

Koninklijke Philips NV has sold a majority stake in its light-emitting diode components and automotive-lighting activities to a private-equity consortium in a deal that values the business at about $3.3 billion.
The transaction is part of a long-running overhaul of the Dutch electronic-equipment group's business.
Philips said earlier this month it plans to spin off the rest of its lighting business through an initial public offering next year. Once that happens, the group's will have two main businesses: medical equipment, such as hospital scanners, and consumer-lifestyle products, including coffee machines and shavers.
GO Scale Capital, an investment fund sponsored by GSR Ventures and Oak Investment Partners, said it would buy an 80.1% stake in the Philips LED components and automotive-lighting business in a deal which is expected to be completed in the third quarter of 2015. Philips would retain a 19.9% interest in the business.
The deal includes the transfer of a patent portfolio of more than 600 patent families related to LED manufacturing and automotive lighting, GO Scale Capital said.
Sales of the combined businesses were around EUR1.4 billion ($1.9 billion) in 2013, or about 17% of Philips's total lighting sales.
They primarily manufacture LED components used in products ranging from televisions and smart phones to traffic lights as well as automobiles.
Philips' decision to shed its lighting businesses in one form or another echoe the move by German engineering group Siemens AG which last year listed Osram Licht AG, its lighting business, having previously separated it from the main group. Philips Lighting and Osram compete with the lighting division of General Electric Co.
Read more: http://www.nasdaq.com/article/philips-sells-lighting-business-to-consortiumupdate-20150331-00088#ixzz3VyFQFGQp

Return to headline | Return to top
GO Scale Capital Investment Consortium Leads 80.1% Acquisition of Lumileds From Philips

Mar 31, 2015 | CNBC

GO Scale Capital, an investment fund sponsored by GSR Ventures and Oak Investment Partners has announced today that it will acquire an 80.1% interest in Philips' combined LED components and Automotive lighting business, with Philips retaining the remaining 19.9%* interest. The transaction values the business at an enterprise value of approximately USD 3.3 billion. The transaction is expected to be completed in the third quarter of 2015, subject to closing conditions, including customary regulatory approvals.
Following the transaction, the new company will continue under the name Lumileds, led by CEO Pierre-Yves Lesaicherre. Philips will remain an important customer of Lumileds and will continue the existing innovation and supply partnership. The transaction includes the transfer of a broad patent portfolio of more than 600 patent families related to LED manufacturing and automotive lighting from Philips to Lumileds.
Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, who will serve as interim Chairman of Lumileds following the completion of the transaction, stated that "the Lumileds acquisition will be a perfect example of how GO Scale turns cutting edge technologies into world class companies. GO Scale Capital will focus on expanding Lumileds' opportunities by investing in its global centers of operation and in the fast growing general lighting and automotive industries. 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."
GO Scale Capital is a new investment fund sponsored by GSR Ventures and Oak Investment Partners. The consortium partners are Asia Pacific Resource Development, Nanchang Industrial Group and GSR Capital. The GO Scale Capital team has deep technology expertise and a track record in scaling up disruptive technologies in China. Current investments include Boston Power, a leading manufacturer of electric vehicle batteries and Xin Da Yang, a fast growing Eco-EV company in China. The team brings deep knowledge of the technology and new energy sectors. Through their past investments in the LED industry, they have access to complementary technologies and manufacturing capacity. This uniquely complements Lumileds' high-power LED manufacturing footprint and expertise, and the combination offers opportunities for the company to pursue further growth and scale through the GO Scale model.
"Philips is very positive about this transaction with GO Scale Capital as its principals are long-term, growth-oriented investors with a track record of building and expanding technology companies," said Frans van Houten, CEO of Royal Philips. "We have significantly improved the performance of the LED components business and optimized the industrial footprint in the Automotive lighting business over the last few years, and established a strong management team and innovation pipeline. We are therefore convinced that together with GO Scale Capital, Lumileds can grow faster, attract more customers and increase scale as a stand-alone company."
"I am convinced that together with the new investors led by GO Scale Capital, Lumileds will extend its leading product portfolio of lighting components and continue to achieve robust growth," said Pierre-Yves Lesaicherre, CEO of Lumileds. "With our strong technology leadership, we are ready to address the future needs of our customers. We will work closely with our industry partners and customers to lead innovation and the transformation of our industry."
Lumileds is a leading supplier of lighting components to the general illumination, automotive and consumer electronics markets with operations in more than 30 countries and has approximately 8,300 employees worldwide. In 2014, it generated sales of approximately USD 2 billion and a double-digit EBITA margin.
* including a 34% interest in the Lumileds US operations
About GO Scale Capital
Sponsored by GSR Ventures and Oak Investment Partners GO Scale Capital is a growth stage fund under the GSR Capital families of funds, with offices in Beijing, Hong Kong and Silicon Valley. The fund's team brings together years of cross border operating experience and successful co-investment history in mature and cutting edge technologies. The fund's goal is to scale up its investments in China for global markets.
About Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people's lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2014 sales of EUR 21.4 billion and employs approximately 105,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at http://www.philips.com/newscenter.
CNBC: http://www.cnbc.com/id/102547499

Return to headline | Return to top
Philips sells majority state in LED components, automotive lighting division to consortium

Mar 31, 2015 | Fox Business News

Electronics giant Philips says it is selling a majority stake in its LED components and automotive lighting division to a consortium led by investment fund GO Scale Capital in a deal worth up to $2.9 billion.
Philips announced Tuesday it is selling an 80.1 percent stake and retaining the remaining interest in the business that makes lighting components for general use and for the automobile industry.
The deal is expected to be completed in the third quarter of 2015 subject to regulatory approval. The newly formed company will be called Lumileds and will continue to act as a supplier to Philips.
Philips CEO Frans van Houten says he is convinced that "together with GO Scale Capital, Lumileds can grow further, attract more customers and increase scale as a stand-alone company."
Fox Business News: http://www.foxbusiness.com/markets/2015/03/31/philips-sells-majority-state-in-led-components-automotive-lighting-division-to/

Return to headline | Return to top
Philips sells lighting unit to Go Scale Capital for $2.8bn

Mar 31, 2015 | International Business Times

By M Rochan

Philips has agreed to sell an 80.1% stake in its lighting components subsidiary, which includes an automotive lighting unit and the Lumileds LED manufacturing arm, to a private equity consortium for $2.8bn (£1.9bn, €2.6bn).
Koninklijke Philips will sell the lighting components division to Go Scale Captial, funded by China-based GSR Ventures and US-based Oak Investment Partners.
Philips said the deal values the subsidiary at $3.3bn including debt.
The transaction, announced on 31 March, is expected to be completed in the third-quarter of 2015, subject to conditions.
Philips's Lighting Solutions business will remain a key Lumileds customer and will continue the existing innovation and supply partnership.
The deal is a prelude to an even bigger strategic move from the Dutch group: it proposes to spin off its main lighting division, the world's largest lighting maker, via a stock market listing, to focus on select consumer electronics and on medical technology.
Frans van Houten, CEO of Royal Philips, said in a statement: "We have significantly improved the performance of the LED components business and optimised the industrial footprint in the Automotive lighting business over the last few years, and established a strong management team and innovation pipeline.
"We are therefore convinced that together with GO Scale Capital, Lumileds can grow further, attract more customers and increase scale as a stand-alone company.
"There were other bidders, also good bidders, perhaps with fewer connections in the industry of semiconductors and the ability to help in building out scale."
Go Scale's current investments include Boston Power, a US-based manufacturer of electric vehicle batteries, and China-based Xin Da Yang, which manufactures electric vehicles. Go Scale has invested in the LED industry in the past, Reuters reported.
International Business Times: http://www.ibtimes.co.uk/philips-sells-lighting-unit-go-scale-capital-2-8bn-1494310

Return to headline | Return to top
GO Scale Capital Investment Consortium Leads 80.1% Acquisition of Lumileds From Philips

Mar 31, 2015 | Yahoo News

GO Scale Capital, an investment fund sponsored by GSR Ventures and Oak Investment Partners has announced today that it will acquire an 80.1% interest in Philips' combined LED components and Automotive lighting business, with Philips retaining the remaining 19.9%* interest. The transaction values the business at an enterprise value of approximately USD 3.3 billion. The transaction is expected to be completed in the third quarter of 2015, subject to closing conditions, including customary regulatory approvals.
Following the transaction, the new company will continue under the name Lumileds, led by CEO Pierre-Yves Lesaicherre. Philips will remain an important customer of Lumileds and will continue the existing innovation and supply partnership. The transaction includes the transfer of a broad patent portfolio of more than 600 patent families related to LED manufacturing and automotive lighting from Philips to Lumileds.
Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, who will serve as interim Chairman of Lumileds following the completion of the transaction, stated that "the Lumileds acquisition will be a perfect example of how GO Scale turns cutting edge technologies into world class companies. GO Scale Capital will focus on expanding Lumileds' opportunities by investing in its global centers of operation and in the fast growing general lighting and automotive industries. 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."
GO Scale Capital is a new investment fund sponsored by GSR Ventures and Oak Investment Partners. The consortium partners are Asia Pacific Resource Development, Nanchang Industrial Group and GSR Capital. The GO Scale Capital team has deep technology expertise and a track record in scaling up disruptive technologies in China. Current investments include Boston Power, a leading manufacturer of electric vehicle batteries and Xin Da Yang, a fast growing Eco-EV company in China. The team brings deep knowledge of the technology and new energy sectors. Through their past investments in the LED industry, they have access to complementary technologies and manufacturing capacity. This uniquely complements Lumileds' high-power LED manufacturing footprint and expertise, and the combination offers opportunities for the company to pursue further growth and scale through the GO Scale model.
"Philips is very positive about this transaction with GO Scale Capital as its principals are long-term, growth-oriented investors with a track record of building and expanding technology companies," said Frans van Houten, CEO of Royal Philips. "We have significantly improved the performance of the LED components business and optimized the industrial footprint in the Automotive lighting business over the last few years, and established a strong management team and innovation pipeline. We are therefore convinced that together with GO Scale Capital, Lumileds can grow faster, attract more customers and increase scale as a stand-alone company."
"I am convinced that together with the new investors led by GO Scale Capital, Lumileds will extend its leading product portfolio of lighting components and continue to achieve robust growth," said Pierre-Yves Lesaicherre, CEO of Lumileds. "With our strong technology leadership, we are ready to address the future needs of our customers. We will work closely with our industry partners and customers to lead innovation and the transformation of our industry."
Lumileds is a leading supplier of lighting components to the general illumination, automotive and consumer electronics markets with operations in more than 30 countries and has approximately 8,300 employees worldwide. In 2014, it generated sales of approximately USD 2 billion and a double-digit EBITA margin.
* including a 34% interest in the Lumileds US operations
About GO Scale Capital
Sponsored by GSR Ventures and Oak Investment Partners GO Scale Capital is a growth stage fund under the GSR Capital families of funds, with offices in Beijing, Hong Kong and Silicon Valley. The fund's team brings together years of cross border operating experience and successful co-investment history in mature and cutting edge technologies. The fund's goal is to scale up its investments in China for global markets.
About Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people's lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2014 sales of EUR 21.4 billion and employs approximately 105,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at http://www.philips.com/newscenter.
Yahoo News: http://finance.yahoo.com/news/scale-capital-investment-consortium-leads-050000540.html

Return to headline | Return to top
LED Philips sells 80% of LED lighting business for $2.8 bn

Mar 31, 2015 | Greentech Lead

By Sabeena Wahid

Philips has sold a majority stake in its LED components and electric car battery business to a private-equity consortium, at a value of about $2.8 billion.
Philips is planning to sell 80.1 shares in its lighting division to Go Scale Capital, a new investment fund that focuses on LEDs and electric car battery technology for $2.8 billion.
Philips will retain a 19.9 percent interest in the business. The transaction is part of a long-running renovation of the company’s business.
The deal is expected to be completed in the third quarter of 2015, which will include transfer of a patent portfolio of more than 600 patent families related to LED manufacturing and automotive lighting.
Go Scale is a fund sponsored by GSR Ventures and Oak Investment Partners.
GO Scale Capital said in a statement that the purchased business will benefit from the cooperation with its other lighting assets and allow expanding its automotive LED business.
Sales of the combined businesses were around €1.4 billion ($1.9 billion) in 2013, or about 17 percent of Philips’s total lighting sales.
The division reported a 2014 profit of 141 million euros on sales of 1.42 billion.
The LED components are used in products ranging from televisions and smart phones to traffic lights as well as automobiles.
Philips said the latest deal values the subsidiary, which comprises an automotive lighting unit and the “Lumileds” LED manufacturing business, at $3.3 billion including debt. The unit made a 2014 profit of €141 million on sales of 1.42 billion.
Philips has described the components subsidiary as a stable cash-generator, as it does most of its business selling lights, such as halogen and xenon bulbs for headlights, to automobile makers at a good margin.
Earlier this month, Philips announced plans to develop the rest of its lighting business through an initial public offering next year.
Once it is achieved, the group will focus on two main businesses including medical equipment and consumer-lifestyle products.
Greentech Lead: http://www.greentechlead.com/news/philips-sells-80-of-led-lighting-business-for-2-8-bn-22896

Return to headline | Return to top
Philips sells 80.1% of lighting components unit for $2.8 billion

Mar 31, 2015 | The Economic Times

Philips said on Tuesday it has agreed to sell an 80.1 stake in its lighting components division for $2.8 billion to Go Scale Capital, a new investment fund that focuses on LEDs and electric car battery technology.
Philips said the deal values the subsidiary, which comprises an automotive light unit and Philips' "Lumileds" LED business, at $3.3 billion in cash and debt. The division reported a 2014 profit of 141 million euros on sales of 1.42 billion.
Go Scale, which has made other investments in LEDs and electric car battery technology, said it would invest in and expand the business of using LEDs in cars.

"GO Scale Capital will focus on expanding Lumileds' opportunities by investing in its global centres of operation and in the fast-growing general lighting and automotive industries," GO Scale Capital Chairman Sonny Wu said in a statement.
Go Scale Capital is funded by GSR Ventures and Oak Investment Partners.

Philips said it wanted to sell the subsidiary to be able to present itself to customers, many of whom compete with Philips, as a entity separate to the main lighting business.

Approximately 20 per cent of component sales are to Philips' own main lighting business. Philips said on Tuesday it would remain a customer.

Go Scale's past investments include Boston Power, a US-based manufacturer of electric vehicle batteries, and Xin Da Yang, a leading Eco-EV company in China.

It said it could offer Lumileds "complementary technologies and manufacturing capacity" that would allow the business to "pursue further growth and scale".

Philips has described the components subsidiary as a stable cash-generator, as it does most of its business selling lights, such as halogen and xenon bulbs for headlights, to automobile makers at a good margin.
The subsidiary includes the company's Philips LED manufacturing unit, which recently emerged from a reorganisation aimed at lowering costs in the face of price declines.

Philips will retain a 34 per cent stake in the US-based LED arm.

The deal is a prelude to an even bigger strategic move: spinning off its main lighting division, the world's largest lighting maker, into a separate company via an initial public offering of shares.
The Economic Times: http://economictimes.indiatimes.com/industry/auto/news/auto-components/philips-sells-80-1-of-lighting-components-unit-for-2-8-billion/articleshow/46756246.cms

Return to headline | Return to top
Wall Street Set To Pause As Focus Shifts To Economy

Mar 31, 2015 | RTT News

Trading in the major U.S. index futures suggests that Wall Street stocks may open Tuesday's session lower after advancing in the previous two sessions. After Asian stocks, with the exception of Japan and China ended on an upbeat note, the European markets are seeing mixed sentiment. Commodity prices are lower, as the dollar remains firm ahead of Friday's non-farm payrolls data. The mood in the domestic markets may also hinge on economic data on consumer confidence and regional business activity, while the developments on the Greek debt crisis may also impact trading.
At 6:15 am ET, the Dow futures are declining 80 points, the S&P 500 futures are moving down 10.50 points and the Nasdaq 100 futures are down 21.25 points.
U.S. stocks extended their gains on Monday, encouraged by hopes of easy rate policy and M&A news flow.
On the economic front, Kansas City Federal Reserve Bank President Esther George is scheduled to speak in New York. At 9 am ET, Richmond Federal Reserve Bank President Jeffrey Lacker is due to speak on the economic outlook in Richmond. Cleveland Federal Reserve Bank President Loretta Mester will moderate a panel on the future of banks at the Atlanta Fed conference in Stone Mountain, Georgia, also at 9 am ET.
S&P/Case-Shiller is due to release its house price index for January at 9 am ET. The 20-city house price index is expected to rise 0.7 percent month-over-month on a seasonally adjusted basis compared to a 0.9 percent increase in December. Annually, house prices may have risen an unadjusted 4.6 percent.
MNI Indicators is due to release the results of its Chicago region manufacturing survey for March. The business barometer for the survey is expected to increase to 50.2 from 45.8 in February.
Also at 10 am ET, the Conference Board is set to release its consumer confidence index for March. The consensus estimate calls for a small drop in the index to 95.5 from 96.4 in February. In corporate news, Actavis' (ACT) subsidiary Actavis Australia and Amneal Pharma announced a deal under which the latter will acquire substantially all of the former's in-country generic pharma business. The companies did not reveal the financial terms of the deal.
Agilent Technologies (A) and Rigaku announced an agreement for Japanese scientific instrumentation company Rigaku to acquire Agilent's X-ray diffraction business. The deal is expected to be final May 1st, 2015.
The major Asian markets closed mixed, with the Japanese and Chinese markets retreating strongly, while most other major markets in the region advanced. Optimism over stimulatory support for China and the positive close on Wall Street overnight set in motion a wave of buying in most markets. Expectations that the Reserve Bank of Australia will cut rates when it meets next week also encouraged traders to pick up stocks.
Australia's All Ordinaries closed 45.60 points or 0.78 percent higher at 5,862. Hong Kong's Hang Seng Index ended at 24,901, up 45.77 points or 0.18 percent, while China's Shanghai Composite Index closed 38.67 points or 1.02 percent lower at 3,748.
The Japanese market retreated despite the yen remaining depressed. After trading above the unchanged line until the mid-session, the Nikkei 225 average retreated in late afternoon trading before ending down 204.41 points or 1.05 percent at 19,207.
On the economic front, Data released by the Japanese Ministry of Land, Infrastructure, Transport and Tourism showed that housing starts fell 3.1 percent year-over-year in February, smaller than the 13 percent decline in January.
European stocks opened mostly lower and saw some volatility in early trading after yesterday's solid advance. The major indexes are now trading on a mixed note. The debt crisis in Greece is still in a limbo, as the nation scrambles to secure financing ahead of the April 20th deadline.
In corporate news, Royal Philips Electronics (PHG) announced a deal to sell 80.1 percent stake in its lighting division to Go Scale Capital for $2.8 billion. U.K.'s Kingfisher reported a decline in its full year profits and also announced plans to close 60 underperforming B&Q stores. U.K. travel company Thomas Cook said in its pre-close update that it is confident of meeting its full year expectations, as its European operations showed improvement.
On the economic front, a report released by the GfK Institute showed that consumer confidence in the U.K. rose to a 12 -year high in March, with the corresponding index rising to 4 from 1 in February.
German retail sales rose 3.6 percent year-over-year in February, slower than the 5 percent jump in January, a report released by the German Federal Statistical Office showed. Economists expected a 3.4 percent increase. A separate report showed that the jobless rate in Germany came in at 4.8 percent in February, unchanged from the previous month. Meanwhile, the German Federal Labor Agency reported that jobless rate in German came in at 6.4 percent in March compared to the 6.5 percent rate expected by economists.
Revised estimates released by the U.K. Office for National Statistics showed that U.K. fourth quarter GDP rose at an upwardly revised sequential rate of 0.6 percent and the year-over-year growth rate was also revised to 3 percent from 2.7 percent. Flash estimate released by Eurostat showed that euro area's annual consumer price inflation remained negative for the fourth straight month in March, while the jobless rate eased 0.1 percentage points to 11.3 percent.
RTT News: http://www.rttnews.com/2476993/wall-street-set-to-pause-as-focus-shifts-to-economy.aspx

Return to headline | Return to top
GO Scale Capital Investment Consortium to Acquire 80.1% Stake in Lumileds from Philips for ~$2.8B

Mar 31, 2015 | Benzinga

By Charles Gross

GO Scale Capital has announced today that it will acquire an 80.1% interest in Philips' PHG 1.88% combined LED components and Automotive lighting business, with Philips retaining the remaining 19.9%* interest. The transaction values the business at an enterprise value of approximately USD 3.3 billion. The transaction is expected to be completed in the third quarter of 2015, subject to closing conditions, including customary regulatory approvals.
Following the transaction, the new company will continue under the name Lumileds, led by CEO Pierre-Yves Lesaicherre. Philips will remain an important customer of Lumileds and will continue the existing innovation and supply partnership. The transaction includes the transfer of a broad patent portfolio of more than 600 patent families related to LED manufacturing and automotive lighting from Philips to Lumileds.
Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, who will serve as interim Chairman of Lumileds following the completion of the transaction, stated that "the Lumileds acquisition will be a perfect example of how GO Scale turns cutting edge technologies into world class companies. GO Scale Capital will focus on expanding Lumileds' opportunities by investing in its global centers of operation and in the fast growing general lighting and automotive industries. 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."
GO Scale Capital is a new investment fund sponsored by GSR Ventures and Oak Investment Partners. The consortium partners are Asia Pacific Resource Development, Nanchang Industrial Group and GSR Capital. The GO Scale Capital team has deep technology expertise and a track record in scaling up disruptive technologies in China. Current investments include Boston Power, a leading manufacturer of electric vehicle batteries and Xin Da Yang, a fast growing Eco-EV company in China. The team brings deep knowledge of the technology and new energy sectors. Through their past investments in the LED industry, they have access to complementary technologies and manufacturing capacity. This uniquely complements Lumileds' high-power LED manufacturing footprint and expertise, and the combination offers opportunities for the company to pursue further growth and scale through the GO Scale model.
"Philips is very positive about this transaction with GO Scale Capital as its principals are long-term, growth-oriented investors with a track record of building and expanding technology companies," said Frans van Houten, CEO of Royal Philips. "We have significantly improved the performance of the LED components business and optimized the industrial footprint in the Automotive lighting business over the last few years, and established a strong management team and innovation pipeline. We are therefore convinced that together with GO Scale Capital, Lumileds can grow faster, attract more customers and increase scale as a stand-alone company."
"I am convinced that together with the new investors led by GO Scale Capital, Lumileds will extend its leading product portfolio of lighting components and continue to achieve robust growth," said Pierre-Yves Lesaicherre, CEO of Lumileds. "With our strong technology leadership, we are ready to address the future needs of our customers. We will work closely with our industry partners and customers to lead innovation and the transformation of our industry."
Lumileds is a leading supplier of lighting components to the general illumination, automotive and consumer electronics markets with operations in more than 30 countries and has approximately 8,300 employees worldwide. In 2014, it generated sales of approximately USD 2 billion and a double-digit EBITA margin.
Bezinga: http://www.benzinga.com/news/15/03/5369664/go-scale-capital-investment-consortium-to-acquire-80-1-stake-in-lumileds-from-phi

Return to headline | Return to top

China Media Outlets

飛利浦出售照明業務多數股權

Mar 31, 2015 | AP (in the Wall Street Journal)

荷蘭皇家飛利浦電子股份有限公司(Koninklijke Philips N.V., PHG)已向一家私募股權財團出售了其所持的發光二極管(LED)組件以及汽車照明業務的多數股權，該交易對這部分業務的估值為33億美元左右。

這一交易是飛利浦長期以來改革計劃的一部分。

飛利浦本月早些時候表示，計劃于明年通過首次公開募股(IPO)剝離其餘照明業務。該計劃完成後，飛利浦將主要擁有兩塊業務——醫療設備及優質生活產品。

由金沙江創業投資(GSR Ventures)和Oak Investment Partners支持的GO Scale Capital表示，將收購飛利浦LED組件和汽車照明業務80.1%的股權，預計該交易將於2015年第三季度完成。交易完成後飛利浦將持有這部分業務 19.9%的股份。
The Wall Street Journal: http://cn.wsj.com/big5/20150331/biz161055.asp

Return to headline | Return to top
Philips Lumileds將賣給中資為主的創投團隊僅保留2成股份

Mar 31, 2015 | LED Inside

By Carina Ying

業界極為關注的飛利浦旗下LED事業Philips Lumileds公司的動向，終於在2015年3月31日由Philips方面正式宣佈，由金沙江GO Scale Capital (金沙江創業投資與橡樹投資夥伴聯合組成的基金) 牽頭，亞太資源開發投資有限公司和南昌工業控股集團有限公司等中資、外資財團聯合組成的併購基金，收購荷蘭皇家飛利浦公司旗下Lumileds公司共 80.1%的股份，飛利浦公司將保留剩餘的19.9%的股份。
飛利浦Lumileds目前包括LED與汽車照明事業部。此次交易價值約33億美元，預計將於2015年第三季獲得相關市場的監管部門批准，交易條件都確認後才會完成。

此次交易後，新公司仍將保留原名Lumileds。新公司將由Lumileds LED現任執行長 Pierre-YvesLesaicherre 執掌。飛利浦仍將是Lumileds的重要客戶，並將繼續保持與Lumileds在研發與供應上的合作關係。此次交易還包括飛利浦公司轉移 600 餘項有關 LED生產與汽車照明的專利至Lumileds。
LEDinside觀察

LEDinside觀察，由於中國政府希望提高本土產業對專利、智慧財產權，未來，中國最大的幾個LED公司，有可能會有機會付費取得專利授權。中國LED廠商是否會進入Philips照明，或Lumileds相關的供應鏈，市場也給予了相當的想像空間。
新的Lumileds能否市場投資者青睞順利的IPO，是目前投資方與Philips集團的共同期待。因此Lumileds能否創造出更多的營收與獲利，將會是未來的觀察重點。由於Lumileds擁有為數不少的LED專利，是傳統的五大LED專利廠商之一。而Lumileds未來有可能藉由專利授權來提升公司的營運績效，另一方面來說，這也有可能是中國LED廠商解決專利問題，跨足海外市場的一個好機會。
除此之外，Lumileds過去專注在大功率LED的生產技術上，而面對中小功率LED崛起，這些歐美大廠的因應策略多半交由委外代工的方式來增強成本競爭力。而未來中國市場的廠商們，能否與新Lumileds有策略合作，也很讓人關注。
不過，對於台灣LED產業廠商來講，由於這次收購的投資團隊主要幾家投資公司組成，其中主要的金沙江資本，還擁有晶能光電，這間公司未來也會擴產，對部份LED台廠來講，可能會有訂單被影響的情形，可以持續觀察。
收購8成Lumileds股份的投資團隊背景

GO ScaleCapital董事長、金沙江創業投資聯合創始人兼董事總經理伍伸俊，將在收購完成後出任Lumileds的臨時總裁。該公司也投資了LED照明、LED技術，以及車用電池技術等等，都是瞄準未來的市場趨勢。

參與該項交易的投資機構包括：亞太資源開發投資有限公司、南昌工業控股集團有限公司以及金沙江創業投資基金等中資、外資財團。GO Scale Capital團隊其他市場會關注的投資專案，包括波士頓電池(BostonPower)、新大洋機電集團、晶能光電有限公司和晶和照明有限公司，可說已經掌握了相當的LED元件、汽車電池產業的優勢。
其實最近也剛好發生，順風清潔能源(01165.HK)宣佈收購晶能光電51%的股權成為其主要股東的消息，LED產業的整合和未來的變局，值得期待。另外，金沙江創業投資與橡樹投資夥伴他們之前也投資了LED照明公司上舜 (Sunsun Lighting)
金沙江創投於 2004 年創立，目前旗下管理約 10 億美元的基金，主要投資的專案有互聯網和無線通訊技術及其應用、新媒體、半導體器件和新材料、綠色能源以及其他高增長的新興領域。目前，金沙江在中國共完成26 起投資，其中包括去哪兒、把手網(微博)、蘭亭集勢、百姓網、百合網、聯合網視等互聯網公司。至於該公司的董事總經理伍伸俊是金沙江創投的創始人之一，負責金沙江基金中國管理公司，並專注於半導體、新材料和新能源領域的投資。他特別關注LED 與半導體照明領域，投資了包括晶能光電、易美芯光、大連三維和太時芯光在內的一系列LED企業。他負責牽頭投資的公司包括恒原微電子、晶寶利微電子、坤銳電子、重慶新格資源和深圳國微技術，並擔任晶能光電、易美芯光和恒原微電子的董事長。
LED Inside: http://www.ledinside.com.tw/news/20150331-30932.html

Return to headline | Return to top
LED 产业大地震！GO Scale 吃下 Lumileds 逾八成股权

Mar 31, 2015 | Tech News

飞利浦（Royal Philips NV）31 日宣布，旗下 LED 与汽车照明事业 80.1% 股权将卖给 GO Scale Capital 投资基金，公司将保有剩余的 19.9% 股份。GO Scale 背后金主包括金沙江（GSR）创投、橡树投资伙伴公司（Oak Investment Partners）、亚太资源开发投资有限公司、南昌工业控股集团以及金沙江资本。
上述交易预计在 2015 年第 3 季走完所有程序。新公司仍将沿用 Lumileds、并且继续由 Pierre-Yves Lesaicherre 担任CEO。飞利浦仍将是 Lumileds 的重要客户之一。上述交易包括飞利浦将逾 600 项LED 制造、汽车照明相关专利权转移给 Lumileds。金沙江创投共同创办人伍伸俊（Sonny Wu）将担任 Lumileds 临时总裁。
GO Scale 目前的投资包括美国次世代锂离子电池厂商 Boston-Power, Inc.以及新大洋（Xin Da Yang）。Lumileds 目前全球员工约 8,300 人，2014 年营收达 20 亿美元。依照 GO Scale、飞利浦的交易协议，Lumileds 的企业价值上看 33 亿美元。
Tech News: http://technews.cn/2015/03/31/led-philips-go-scale-lumileds/

Return to headline | Return to top
飞利浦出售照明业务八成股份重点转向医疗技术

Mar 31, 2015 | Sina Tech

新浪科技讯北京时间3月31日下午消息，飞利浦公司同意将其Lumileds照明组件部门的多数股份出售给一组投资者，原因是该公司CEO万豪敦(Frans van Houten)希望把发展重点集中于消费保健市场。
　　该公司此次以28亿美元的价格出售80.1%的股份，收购方是Go Scale Capital。Go Scale是一家由GSR Ventures和Oak Investment Partners赞助的基金，GSR Ventures在北京、香港和硅谷都设有办事处。不过，飞利浦仍将继续持有剩余股份。
　　此次出售是飞利浦的一次重大转折，该公司自1891年创立至今一直在销售照明产品。这家独立部门是全世界最大的灯具和灯泡制造商，这也与德国西门子2013年年中采取的做法相同——这家德国巨头当时因为面临LED带来的节能压力剥离了Osram Licht。
　　Go Scale Capital表示，通过与该公司的其他照明资产的合作，Lumileds将获得一些好处。该基金的投资者还包括美国电动汽车电池制造商Boston Power和中国新大洋。
　　“整个团队拥有LED组件和汽车技术领域的深厚知识。”Go Scale Capital在声明中说，“这是对Lumileds大功率LED生产技术的补充，此次合并将为该公司提供进一步增长和扩大规模的机会。”
　　这家新公司仍将继续使用Lumileds的名字。GSR Ventures董事总经理兼Go Scale Capital董事长索尼·吴(Sonny Wu)将担任临时董事长。Lumileds将照明组件出售给常规照明、汽车、消费电子市场，业务范围遍及30多个国家或地区。该公司2014年的销售额约为20亿美元。
　　飞利浦的重点将集中于医疗技术，认定病人将越来越多地使用智能手机和其他设备检测自己的健康和营养水平。该公司还成立了一家名为HealthTech的公司，将医用扫描仪、牙刷和浓缩咖啡机都归入其中。(书聿)
Sina Tech: http://tech.sina.com.cn/it/2015-03-31/doc-iawzuney1598369.shtml

Return to headline | Return to top
GO Scale Capital 205亿控股飞利浦Lumileds

Mar 31, 2015 | Sohu Business

第一财经日报》记者刚刚获悉，由金沙江GO Scale Capital(金沙江创业投资与橡树投资伙伴联合组成的基金)牵头，亚太资源开发投资有限公司和南昌工业控股集团有限公司等中资、外资财团的鼎力支持下的并购基金日前宣布成功收购荷兰皇家飞利浦公司旗下Lumileds80.1%的股份，飞利浦公司将保留剩余的19.9%的股份。

　　飞利浦Lumileds目前包括LED与汽车照明事业部。此次交易价值约33亿美元(折合人民币204.67亿元)，预计将于2015年第三季度获得监管部门批准等交易条件后完成。

　　此次交易后，新公司仍将保留原名Lumileds。新公司将由Lumileds LED现任首席执行官Pierre-YvesLesaicherre执掌。飞利浦仍将是Lumileds的重要客户并将继续保持与Lumileds在研发与供应上的合作关系。此次交易还包括飞利浦公司转移600余项有关LED生产与汽车照明的专利至Lumileds。

　　GOScaleCapital董事长、金沙江创业投资联合创始人兼董事总经理伍伸俊将在收购完成后出任Lumileds的临时总裁。

　　参与该项交易的投资机构包括：亚太资源开发投资有限公司、南昌工业控股集团有限公司以及金沙江创业投资基金等中资、外资财团。GO Scale Capital团队投资项目包括波士顿电池(BostonPower)、新大洋机电集团、晶能光电有限公司(下称“晶能光电”)和晶和照明有限公司等，团队拥有丰富的LED组件与汽车技术产业的技术优势。就在近日，顺风清洁能源(01165.HK)还曾宣布，与晶能光电订立了谅解备忘录，收购晶能光电 51%的股权成为其主要股东。来源一财网)
Sohu Business: http://business.sohu.com/20150331/n410595075.shtml

Return to headline | Return to top
GO Scale Capital 205亿控股飞利浦Lumileds

Mar 31, 2015 | Yicai

第一财经日报》记者刚刚获悉，由金沙江GO Scale Capital(金沙江创业投资与橡树投资伙伴联合组成的基金)牵头，亚太资源开发投资有限公司和南昌工业控股集团有限公司等中资、外资财团的鼎力支持下的并购基金日前宣布成功收购荷兰皇家飞利浦公司旗下Lumileds80.1%的股份，飞利浦公司将保留剩余的19.9%的股份。
飞利浦Lumileds目前包括LED与汽车照明事业部。此次交易价值约33亿美元(折合人民币204.67亿元)，预计将于2015年第三季度获得监管部门批准等交易条件后完成。
此次交易后，新公司仍将保留原名Lumileds。新公司将由Lumileds LED现任首席执行官Pierre-YvesLesaicherre执掌。飞利浦仍将是Lumileds的重要客户并将继续保持与Lumileds在研发与供应上的合作关系。此次交易还包括飞利浦公司转移600余项有关LED生产与汽车照明的专利至Lumileds。
GOScaleCapital董事长、金沙江创业投资联合创始人兼董事总经理伍伸俊将在收购完成后出任Lumileds的临时总裁。
参与该项交易的投资机构包括：亚太资源开发投资有限公司、南昌工业控股集团有限公司以及金沙江创业投资基金等中资、外资财团。GO Scale Capital团队投资项目包括波士顿电池(BostonPower)、新大洋机电集团、晶能光电有限公司(下称“晶能光电”)和晶和照明有限公司等，团队拥有丰富的LED组件与汽车技术产业的技术优势。就在近日，顺风清洁能源(01165.HK)还曾宣布，与晶能光电订立了谅解备忘录，收购晶能光电 51%的股权成为其主要股东。
Yicai: http://www.yicai.com/news/2015/03/4592709.html

Return to headline | Return to top
金沙江创投牵头 33亿美元购飞利浦照明业务80%股权

Mar 31, 2015 | NBD

每日经济新闻》记者从金沙江创投官方获悉，由“GO Scale Capital”（金沙江创业投资与橡树投资伙伴联合组成的基金）牵头，亚太资源开发投资有限公司（以下简称亚太资源）和南昌工业控股集团有限公司（以下简称南昌工业）等中资、外资财团支持的并购基金，宣布成功收购荷兰皇家飞利浦公司（以下简称飞利浦）旗下Lumileds 80.1%的股份，飞利浦将保留剩余的19.9%的股份。
同时，此次交易价值约33亿美元，预计将于今年第三季度获得监管部门批准等交易条件后完成。
资料显示， Lumileds是全球领先的照明设备制造商，产品包括照明组件、通用照明、汽车照明和移动电子设备照明，公司业务覆盖全球30多个国家，拥有8300余名员工。2014年，公司的销售额接近20亿美元，税前利润率达到两位数。此次交易后，新公司仍将保留原名Lumileds不变。
据悉，新公司将由Lumileds现任首席执行官Pierre-Yves Lesaicherre执掌，飞利浦仍将是Lumileds的重要客户，并将继续保持与Lumileds在研发与供应上的合作关系。此外，飞利浦将转移 600余项有关LED生产与汽车照明的专利至Lumileds。
GO Scale Capital董事长、金沙江创业投资联合创始人兼董事总经理伍伸俊，将在收购完成后出任Lumileds的临时总裁。
伍伸俊在接受《每日经济新闻》记者采访时表示，这一竞购是由几家资本集团联合参与的，他并没有透露具体各机构的出资比例。他说，飞利浦将照明业务出售应该是多层次的原因，“或许是为了更集中精力做医疗产业。”
据了解，金沙江创投成立于2004年，专注于立足中国，面向全球市场的早期高新技术初创企业，并与硅谷最老牌的创投基金Mayfield Fund建有长期战略合作关系。
金沙江创投方面提供的官方资料显示，GO Scale Capital团队掌握着中国行业领先技术以及持续增长的革新性技术，其投资项目包括领先电动车电池生产商——波士顿电池、中国领先企业Eco-EV生产商——新大洋机电集团、专业LED节能照明生产商——晶能光电和晶和照明等，团队拥有丰富的LED组件与汽车技术产业的技术优势。
NBD: http://www.nbd.com.cn/articles/2015-03-31/906777.html

Return to headline | Return to top
《科技》金沙江集團收購Lumileds，跨足海外市場

Apr 1, 2015 | China Times

金沙江GO Scale Capital集團宣布，以33億美元收購荷蘭皇家飛利浦公司旗下Lumileds 80.1%的股份，新的Lumileds將包括原有的LED事業以及從飛利浦集團分拆出來的汽車照明事業部，預計今年第3季獲得相關市場的監管部門批淮，交易條件都確認後才會完成。
由金沙江GO Scale Capital主導，亞太資源開發投資公司和南昌工業控股集團公司等中資、外資財團的鼎力支持下的併購基金宣佈成功收購荷蘭皇家飛利浦公司旗下Lumileds 80.1%的股份，而飛利浦公司將保留剩餘的19.9%的股份。
TrendForce 旗下綠能事業處LEDinside研究協理儲于超表示，Philips Lumileds擁有全球領先的倒裝製程的大功率LED技術，隨著LED照明市場低價化的來臨，多數LED照明廠商偏好中、小功率的LED；由於中、小功率的LED在價格優勢遠大於緩慢成長的大功率LED市場，因此Lumileds面臨照明市場份額下降的壓力；加上以中國為主的亞洲LED廠商的興起，而 YAG的白光專利將於2017年到期，Lumileds面臨更加嚴苛的成本挑戰，雖然在亞洲積極尋找代工生產，卻難以改變市場競爭激烈的導致獲利下滑的事實，也是飛利浦賣出Lumileds的原因之一。
儲于超表示，金沙江集團順利收購Lumileds後，由於Lumileds本身就是傳統的五大LED專利廠商之一，加上飛利浦集團移轉了600多項專利至Lumileds的該交易案當中，因此Lumileds擁有為數不少的LED專利。未來 Lumileds有可能藉由專利授權來提升公司的營運績效。原來中國LED企業進不去專利封鎖的市場，現在中資獲得控股權，則可以在全球產業競爭中獲取說話權，這也有可能是中國LED廠商解決專利問題，跨足海外市場的一個好機會。
再者，金沙江集團過去在LED產業的投資一系列的相關供應鏈，包括晶能光電(磊晶)、太時芯光(磊晶)、易美芯光(封裝)、大連三維(LED照明與散熱)、上舜照明(LED照明)等LED企業。而金沙江集團持有 Lumileds的絕對主導權之後，有可能整合旗下的資源，帶進去Lumileds的供應鏈當中。
由於過去Lumileds專注在大功率LED的生產技術上，因此面對中小功率LED崛起，這些歐美大廠的因應策略多半交由委外代工的方式來增強成本競爭力，LEDinside判斷未來的合作模式也不排除擴大中國的策略合作夥伴。
China Times: http://www.chinatimes.com/realtimenews/20150401001881-260410

Return to headline | Return to top

Full Text of Stories Below

Add recipients

Suggested