Osram sells LEDvance

Sells to Chinese but still under the name of LEDvance.

Osram has announced the EUR 400 million ($442.2 million) sale of its lamps and lighting business that recently took the name LEDvance and that has been operating as an independent company for less than a month. IDG Capital Partners is presumed to be the leader of the trio buying LEDvance that also includes the Chinese LED manufacturer and lighting company MLS Co, Ltd. (parent of US-based Forest Lighting), and financial investor Yiwu State-Owned Assets Operation Center. The deal protects the structure and employees of LEDvance and CEO Jes Munk Hansen and the management team are expected to remain in place after the close of the transaction that is expected in Osram's fiscal 2017 that begins in October.