According to foreign media reports, on July 26th, Germany‘s Osram has officially agreed to sell LEDVANCE, a newly operated lighting business company. A Chinese consortium has bid more than 400 million euros (about 439 million US dollars).
Osram said the acquisition consortium includes strategic investor IDG, China Lighting Corporation MLS (Mullin) and financial investor Yiwu State-owned Assets Operation Center. The acquisition also includes the right to use the trademark license. LEDVANCE will continue to use the Osram and Sylvania brands in the future.
At the same time, OSRAM revealed that the acquisition conditions include retaining the existing R&D team and not dismissing existing employees until the end of 2018. “The entire acquisition agreement includes ensuring that employees in Germany are retained.”
On July 20th, OSRAM announced that the company has successfully completed the spin-off of its general lighting source business. Starting from July 1, 2016, it operates independently under the OSRAM Group and is named LEDVANCE.
On the evening of July 26, Mulinsen issued an announcement, and the company signed a new partnership agreement with other partners of Harmony Mingxin. The limited partners intend to increase the amount of subscribed capital contribution to Harmony Mingxin in the same proportion. The company intends to increase the amount of subscribed capital from 175.57 million yuan to 1.25 billion yuan, which is the same as the proportion of all the subscribed capital of Harmony Mingxin. Among them, Yiwu State-owned Capital Operation Center also accounted for 35.7142% of all subscribed capital, which is the same as that of Mulinsen.