Lumileds sold for $239 million

European LED supplier Lumileds has been acquired for $239 million in a cash deal. The acquisition involves a partnership between San’an Optoelectronics of China and OSAT assembly house Inari Amertron Berhad, who will be taking over the Dutch holding company and its subsidiaries in Europe and Asia, known as Lumileds International.

The business, originally a joint venture between Philips and Agilent Technologies, was spun off by Philips in 2016 to Apollo Global Management for $1.5 billion, with a valuation of $2.0 billion. At that time, Lumileds had a revenue of $2 billion, which has since decreased to $600 million in 2024.

Steve Barlow, CEO of Lumileds International, expressed optimism about the acquisition, stating, “This transaction is the next step of our ongoing transformation. As the LED industry evolves and continues to mature, I am confident that Lumileds International will continue to be successful and accelerate its growth under the new ownership.”

The transaction is anticipated to be finalized by the first quarter of 2026, pending customary closing conditions. This deal is expected to enable San’an to enter the international cross-licensing patent alliance led by Nichia, ams OSRAM, Cree LED, Lumileds, and Toyoda Gosei, according to analyst Trendforce.

San’an, a manufacturer of LED chips with a revenue of $2.2 billion in 2024, will collaborate with Inari, an assembly plant operator in Malaysia, for the packaging of the LED devices. This strategic partnership is aimed at enhancing San’an’s position in the LED market and expanding its global reach.