Philips to sell Lumileds majority share for $1.5bn

Dutch electronics giant Philips announced Monday the sale of a majority share in its Lumileds lighting business for $1.5 billion, after cancelling the sale earlier this year over US regulatory concerns.

"Royal Philips today announced that it has signed an agreement to sell an 80.1-percent interest in Lumileds to certain funds managed by affiliates of (US-based) Apollo Global Management," the Amsterdam-based company said in a statement. 

"Philips expects to receive cash proceeds, before tax and transaction-related costs, of approximately $1.5 billion (1.41 million euros) and participating preferred equity," it said.