Blackstone Group teamed up with Onex to bid for Philips Lighting Business Jinshajiang Venture Capital and there are still plays?

The battle for the Philips lighting business is becoming increasingly fierce. The Wall Street Journal reported on the 3rd that the well-known investment management company Blackstone Group and Onex have formed a consortium to bid for Philips' lighting business, which may be worth between 4.5 billion and 5 billion euros. A person familiar with the matter said that the purpose of the two was to acquire more shares in the Philips lighting business. Philips' lighting business includes traditional luminaires and LED (light-emitting diode) luminaires. The division also manufactures lighting fixtures and provides lighting systems for homes, offices and cities, with sales of 7.4 billion euros last year. In order to focus the company on the healthcare sector, Philips CEO Fransvan Houten is divesting the lighting business, and its next round of bidding is scheduled for April this year. The main competitors of Blackstone Group and Onex include Apollo Global Management Company (Apollo) and British investment company Melrose (Melrose), and investors from China Jinshajiang Venture Capital can not be ignored. Founded in 2004, Jinshajiang Venture Capital is mainly based on domestic investment in China, with investment in semiconductor devices and new materials, the Internet and green energy. In March last year, the Chinese consortium led by Jinshajiang Venture Capital reached an agreement with Philips to market another independent lighting business, Lumileds (LED and Automotive Lighting Division), for approximately US$2.8 billion (approximately 2.561 billion Euros). ) The 80.1% equity is in the bag. The Chinese investment institutions involved in the acquisition also include Asia Pacific Resources Development Investment Co., Ltd. and Nanchang Industrial Holding Group Co., Ltd. Unlike Philips' lighting business, Lumileds' products focus on LED chips, LED mobile phone flashlights and automotive lighting equipment. In 2014, sales were approximately US$2 billion (approximately 1.829 billion Euros) and its operations cover more than 30 countries around the world. With more than 8,300 employees, BMW, Volkswagen and Audi are all Lumileds customers. In July 2014, Philips began planning to merge its LumiledsLED and Automotive Lighting divisions and sell them to third-party investors after the establishment of an independent subsidiary. The project attracted bidders including private equity firms CVC, KKR and Bain Capital, but the Chinese consortium won. However, the deal ended in vain. Since the US Foreign Investment Committee (CFIUS) blocked the acquisition on the grounds of national security, Philips in January this year terminated the sale of Lumileds to the Chinese consortium led by Jinshajiang Venture Capital. The US Overseas Investment Committee is an inter-departmental agency led by the Treasury to examine the possible impact of cross-border mergers and acquisitions on national security. Philips warned in October last year that the sale of Lumileds may have failed. The Wall Street Journal reported that Lumileds has many patents in the field of LED lighting and has extensive operations in industrial manufacturing and equipment R&D in the United States. Jinshajiang Ventures and Philips said they tried to explain the deal to the US Foreign Investment Committee, but its efforts ultimately failed for political reasons. Bloomberg reported in February that after the loss of the deal, Jinshajiang Venture Capital turned to the Philips lighting business and hoped that this time good luck. Compared to Lumileds, the Philips lighting sector has less political risk, but Philips is still hesitant about it, fearing that the deal will be rejected again. For the report, neither Philips nor Jinshajiang Venture Capital commented. Philips spokeswoman Steve Klink wrote in an e-mail that Philips is evaluating all possible options for the lighting sector, including an IPO (IPO) or sale to private investors. He said that the decision to divest the lighting business is expected to be completed in the first half of 2016. At the same time, Philips is also looking for buyers interested in the Lumileds business, selling this business is another important step for Philips to completely withdraw from the lighting field.

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