Chinese LED chipmaker San’an Optoelectronics and Malaysia’s semiconductor assembly specialist Inari Amertron have entered a definitive agreement to acquire Amsterdam-headquartered Lumileds. “This transaction is the next step of our ongoing transformation. As the LED industry evolves and continues to mature, I am confident that Lumileds will continue to be successful and accelerate its growth under the new ownership,” said Steve Barlow, CEO of Lumileds.
Automotive and specialty lighting specialist Lumileds was originally formed in 1999 as a joint venture between Philips and Agilent. The Dutch conglomerate took full control of the company in 2005. After a failed attempt to sell to a Chinese buyer in 2015, US private equity fund Apollo Management took a controlling stake in 2017, valuing the firm at 2 billion dollars. In 2022, the Lumileds filed for bankruptcy to restructure its debt. A group of creditors provided fresh funding in exchange for control over the company.
Now, San’an and Inari are paying 239 million dollars for Lumileds. The former will hold approximately 74.5 percent of Lumileds, providing vertical integration and greater scale. Inari would control the remaining share, bringing its OSAT expertise into the mix. The deal must clear cross-border regulatory scrutiny, including from the Dutch Bureau Toetsing Investeringen, which scrutinizes foreign investments and acquisitions for national security implications.
