Lumileds announced that funds affiliated with Apollo Global Management, LLC (together with its subsidiaries, “Apollo”), and Royal Philips completed their previously disclosed transaction, resulting in Lumileds operating as an independent company. Lumileds develops lighting solutions for the automotive, mobile, IoT and illumination segments, enabling customers to push the boundaries of light.

Royal Philips concluded its LED component business sale after the takeover was delayed for nearly one year, due to national security concerns raised by The Committee on Foreign Investment in the United States (CFIUs) earlier in January this year.

Royal Philips announced that it has signed an agreement to sell an 80.1% interest in Lumileds, a leading supplier of LED components and automotive lighting, to certain funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries: “Apollo”). Philips will retain the remaining 19.9% interest* in Lumileds.