Philips' $3.3b sale of LED lighting unit to Asian investors collapses on US govt objections

Philips' $3.3b sale of LED lighting unit to Asian investors collapses on US govt objections

Philips suffered a major setback in plans to dispose of its two big lighting divisions on Friday as a $3.3 billion deal to sell its components business to a consortium of Asian buyers broke down over U.S. national security objections.

The frustrated buyer, Go Scale Capital, comprises GSR Ventures, Oak Investment Partners, Asia Pacific Resource Development and Nanchang Industrial Group.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter