Electronics Weekly
Philips has been looking for a buyer for the operation since September 2014.
Philips’ next spin-off will be of its general lighting division which will be IPO’d next year, probably in stages.
The two operations currently account for about a third of Phillips’ $21.4 billion revenues.
The LED and auto group has gone to PE outfits GO Scale Capital – part of GSR Ventures of China – and Oak Investment Partners.
Philips will keep a 19.9% stake in the business.
When the general lighting business is IPO’d, Philips will be left with a medical business and a consumer electronics business.
