CVC, KKR, Bain Said To Be Mulling Over $6 Billion Philips Lighting Bids
According to Bloomberg Business, Royal Philips NV’s lighting division is attracting interest from a number of the world’s largest private-equity firms, in a deal that could value the unit at about 5.5 billion euros ($6 billion), people familiar with the matter said.
CVC Capital Partners, in partnership with KKR & Co., Bain Capital, Onex Corp. and Blackstone Group LP are among buyout firms in early stages of preparing bids for the division, said the people, who asked not to be identified because discussions are private. JPMorgan Chase & Co. and Goldman Sachs Group Inc. are advising Philips on the sale, the people said. No final decision has been made on the bids, the people said.
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As we reported earlier, Philips, which predicts to complete the separation of the lighting business in the first half of 2016, said it expects the split to cost 200 million to 300 million euros in 2015 and the same amount in 2016.