By BizLED Bureau
March 16, 2015: An Asian consortium emerged during the auction for Philips’ lighting components business worth about $2.6 billion (2.5 billion euros), according to report by Reuters.
Working with investors GSR Ventures and Singapore state fund Tames, Lattice Power, a small Chinese LED startup company, was keen in acquiring Phlips Lumiled business. This development can foil the chances of rival bids from buyout groups, the report said. Lattice Power registered $80 million in funding by Asia Pacific Resources Development Investment in 2014.
The last minute bid will make the auction very competitive. However, industry insiders doubt if their chances are bright.
Morgan Stanley, Philips‘ adviser, will talk to one of the bidders exclusively next week, closing the process which started in 2014 when Philips combined Lumileds and car lights divisions into a standalone firm.
A consortium of private equity firms CVC and KKR also placed a leading bid, with Bain Capital being the runner-up.
Later, Lattice Power CEO Min Wang denied that the company is not acquiring Philips Lumileds. But he did not deny that the company had offered a bid price in the auction for Philips Lumileds.
($1 = 0.9537 euros)
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