Philips' $3.3 billion sale of Lumileds fails on U.S. objections

Philips' $3.3B sale of Lumileds fails

Philips said on Friday its $3.3 billion deal to sell its Lumileds division to a group of Asian investors has foundered over objections by the U.S. government.

The deal to sell the operations, which make LED lights and lighting components for automobiles, ran into unspecified objections from the Committee on Foreign Investment in the United States (CFIUS), Philips said.

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

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