Apollo Global Management $1.5 billion acquisition of Lumileds

Overview:

• US private equity firm Apollo Global Management has acquired LED developer Lumileds in a $1.5 billion deal.
• Lumileds was sold by Dutch Philips Lighting, who will maintain a 20% stake in the company.
• Apollo's purchase comes in the wake of a failed bid for Lumileds by Chinese investors, who were blocked from making the acquisition by the US Committee on Foreign Investment.
• The transaction is expected to close in the first half of 2017.

Kurt Stumpo - Journalist