Davis Polk is advising a GO Scale Capital-led consortium on its acquisition of an 80.1% interest in Philips’ combined LED components and Automotive lighting business. The transaction values the business at an enterprise value of approximately $3.3 billion. The transaction is expected to be completed in the third quarter of 2015, subject to closing conditions, including customary regulatory approvals. Following the transaction, Philips will retain a 19.9% interest in Lumileds, and will remain an important customer of Lumileds and continue the existing innovation and supply partnership.

GO Scale Capital is a new investment fund sponsored by GSR Ventures and Oak Investment Partners. The consortium partners are Asia Pacific Resources Development, Nanchang Industrial Group and GSR Capital. Lumileds is a leading supplier of lighting components to the general illumination, automotive and consumer electronics markets with operations in more than 30 countries and approximately 8,300 employees worldwide. In 2014, Lumileds generated sales of approximately $2 billion and a double-digit EBITA margin.

The Davis Polk corporate team includes partners Miranda So and Will Pearce, counsel Sam Kelso and registered foreign lawyer Steven Sha. Partner Kathleen L. Ferrell is providing tax advice. Partner Frank J. Azzopardi is providing intellectual property advice. Partner Joseph P. Hadley is providing credit advice. Partner John B. Reynolds III is providing U.S. regulatory advice. Counsel Stephen M. Pepper is providing antitrust and competition advice. Counsel Hayden S. Baker is providing environmental advice. Members of the Davis Polk team are based in the Hong Kong, London, Beijing, New York and Washington DC offices.

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