Royal Philips (PHG) announced it has entered into agreements to acquire 51% of General Lighting Company, a major lighting company in the Kingdom of Saudi Arabia, from a consortium of shareholders that include Alliance Holding Ltd., the Hejailan Group, and The Carlyle Group. The deal is valued at $235 million (on a cash-free, debt-free basis) plus additional transaction costs. Philips' current Lighting activities in the KSA will be combined with GLC forming the joint venture that will be named Philips Lighting Saudi Arabia.
The joint venture will provide a full range of LED lighting solutions, while creating growth opportunities in sustainable technologies to support the government's objective to reduce energy consumption in KSA.
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