It is reported that the Jinshajiang GOScaleCapital (a fund formed by the joint venture between Jinshajiang Venture Capital and Oak Investment Partners), Asia-Pacific Resources Development and Investment Co., Ltd. and Nanchang Industrial Holding Group Co., Ltd. and other Chinese and foreign consortiums under the support of the M&A Fund announced recently Successfully acquired the shares of Lumileds80.1, a subsidiary of Royal Philips of the Netherlands, and Philips will retain the remaining 19.9 shares. Philips Lumileds currently includes the LED and Automotive Lighting Division. The transaction was valued at approximately US$3.3 billion (equivalent to RMB20,067 million) and is expected to be completed in the third quarter of 2015 after obtaining regulatory approvals and other trading conditions. After the transaction, the new company will still retain the original name Lumileds. The new company will be headed by Pierre-Yves Lesaicherre, the current CEO of LumiledsLED. Philips will remain an important customer of Lumileds and will continue to maintain a relationship with Lumileds in R&D and supply. The deal also includes Philips' transfer of more than 600 patents on LED production and automotive lighting to Lumileds. Wu Zhengjun, Chairman of GOScaleCapital and Co-founder and Managing Director of Jinshajiang Venture Capital, will serve as Interim President of Lumileds after the completion of the acquisition. The investment institutions involved in the transaction include: Asia-Pacific Resources Development and Investment Co., Ltd., Nanchang Industrial Holding Group Co., Ltd. and Jinshajiang Venture Capital Fund and other Chinese-funded and foreign-funded consortia. The GOScaleCapital team's investment projects include Boston Power, New Oceanic Electromechanical Group, Crystal Energy Optoelectronics Co., Ltd. (hereinafter referred to as Jingneng Optoelectronics Co., Ltd.) and Jinghe Lighting Co., Ltd. The team has a wealth of LED components and the technical advantages of the automotive technology industry. Just recently, Shunfeng Clean Energy (01165.HK) also announced that it has entered into a memorandum of understanding with Jingneng Optoelectronics to acquire the stake in Jingneng Optoelectronics 51 as its major shareholder.
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