IDG-backed Chinese group agrees buyout from Germany's Osram
IDG Capital partners has led a consortium to buy Ledvance, the lamps business of German lighting manufacturer Osram, for more than EUR400 million ($440 million).
Along with IDG, the purchasing consortium includes Chinese lighting manufacturer MLS and financial investor Yiwu State-owned Assets Operation Center. Osram will receive additional revenue from licensing its trademarks to the buyers. The deal is expected to close in 2017, subject to regulatory approval.
Ledvance manufactures advanced LED lamps for professional users and retail customers, along with a range of traditional light sources and connected lighting solutions. The company operates in over 120 countries, and contributed about EUR2 billion to Osram's revenue in the 2015 financial year.
"We are looking forward to working together. The qualifications and wealth of experience of the management team and employees of Ledvance represent two key factors for Ledvance's success in the cooperation with MLS in the future," said MLS Chairman Sun Qinghuan in a statement.
IDG manages a number of funds for China investments, including its latest vehicle, which closed earlier this year at $1 billion. The fund, IDG Capital Fund III, will invest in technology, media and telecommunications, healthcare, energy and consumer-focused businesses, and seeks both growth-stage companies based in China and international companies looking to enter the China market.
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