Lumileds reported that funds affiliated with Apollo Global Management, LLC and its subsidiaries, and Royal Philips completed their previously disclosed transaction.In the deal, Philips agreed to sell 80.1 percent of Lumileds to Apollo and its subsidiaries. Lumileds develops, produces and distributes LED technology and advanced lighting products and employs over 9,000 team members with operations in over 32 countries.
Following the purchase, Lumileds will operate as an independent company. Lumileds develops lighting solutions for general illumination, as well as lighting for the automotive, mobile, and IoT segments.
As announced in December 2016, Philips retains the remaining 19.9% interest in the company. Apollo serves as a global alternative investment manager which manages assets of about USD 197 billion (as of March 31, 2017) in private equity as well as credit and real estate funds. The fund management company reportedly invests across a core group of nine industries in which the company holds considerable knowledge and resources.
“We are fortunate to have Apollo’s and Philips’ support as Lumileds embarks upon our next chapter as an innovator of high-performance LEDs and a leader in advanced lighting solutions,” said Mark Adams, CEO of Lumileds.