Philips sells 80.1pc of lighting components unit for $2.8bn

AMSTERDAM: Philips said on Tuesday it has agreed to sell an 80.1 percent stake in its lighting components division for $2.8 billion to Go Scale Capital, a new investment fund that focuses on "disruptive" technologies.

Go Scale, which has investments in both LED lights and electrical car technology, said it will invest and grow the business of using LEDs in cars.

Philips said the deal values the subsidiary at $3.3 billion in cash and debt.