The Chinese investment consortium including LED lighting manufacturer MLS has closed its $442 million deal to buy Ledvance, including U.S.-based Sylvania brand, from Osram. The consortium, with strategic investor IDG Capital and Yiwu State-Owned Assets Operation Center on the MLS team, obtained all necessary approvals from the relevant authorities to complete the transaction.
“We are very pleased with this transaction, as MLS and Ledvance complement each other in an ideal way,” said Jes Munk Hansen, CEO of Ledvance. “Through MLS, we gain access to very cost-efficient and powerful LED components and will strengthen our market presence in Asia, especially in China. This supports the Ledvance strategy to expand our product portfolio, foremost in the areas of LED lamps, LED luminaires and smart lighting. We look forward to pursuing the many new opportunities that the partnership with MLS brings.”
“The wealth of experience and qualifications of Ledvance’s management team and employees provides a strong basis for collaboration. We will be working closely together in order to strengthen our position as leaders in the global lighting market,” said Sun Qinghuan, chairman of MLS, in the release.
Based on an agreement with Osram, Ledvance will continue to use the Osram brand name for its products (and Sylvania for its U.S. and Canada markets). MLS said when the acquisition was announced in July 2016 that the Osram and Sylvania brands, along with its own U.S. lighting brand Forest Lighting, would continue to be used following the merger.
Correction: An earlier version of this story named MLS as the leader of the acquiring consortium. IDG Capital led the group purchasing Ledvance.