Singapore's GIC partners China's CDH for Philips' home appliances bid

Singapore's GIC partners China's CDH for Philips' home appliances bid

The logo of Philips is seen at the company's entrance. REUTERS/Francois Lenoir

Singapore’s sovereign wealth fund GIC has teamed up with Chinese asset manager CDH Investments to submit a joint offer for the $3.6 billion home appliance business of Philips, two sources told Reuters.

The duo is facing competition from Asia-focused private equity firm Hillhouse Capital and a consortium of Citic Capital, Sequoia and TCL Capital, the sources said, speaking on condition of anonymity.

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