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The lights start to go out at Philips

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The lights start to go out at Philips

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Dutch electronics giant Philips has begun its long-flagged withdrawal from one of its core historic activities, lighting, by selling 80.1% of its lighting components division.

The deal is worth 2.6 billion euros, and is an opening salvo before Philips serves up the main dish, a flotation of its entire lighting division, the world’s largest, as it builds its 21st century strategy around medical technology and selected consumer products.

The buyer, Go Scale Capital, is a technology fund that says it will seek to build on the existing automobile and LED businesses. Analysts say the price is well above market expectations.