The 2016 M&A case has been staged one after another, and the LED industry is not far behind. This article takes the LED industry to invest in the top ten M&A cases of the LED industry in 2016:

1, Apollo (Apollo) $2 billion acquisition of Philips Lumileds

On December 12, Royal Philips announced that it has signed an equity transfer agreement to sell 80.1% of Lumileds to certain funds managed by Apollo's global management company subsidiary. Philips will retain the remaining 19.9% ​​of Lumileds. Equity.

In this transaction, Lumileds' corporate value is approximately $2 billion, including debt and debt type projects. Philips is expected to receive cash income, pre-tax and transaction-related costs of approximately $1.5 billion and participation in preferred stock. The transaction is expected to be completed in the first half of 2017, subject to customary closing conditions, including obtaining regulatory approvals.

Comments: Since the exposure of Philips to the sale of Lumileds, the company has successfully signed an equity transfer agreement for nearly two years. First, the acquisition of the Jinsha River was blocked by the US Overseas Investment Committee. When Philips went to negotiate with potential buyers such as Blackstone Group, Onex, and Apollo, Philips' sales of Lumileds were full of twists and turns.

The acquisition will be diversified for Apollo. For Lumileds, Apollo Private Equity Funds can continue to leverage the key values ​​of Lumileds in investing in multiple pipelines to find more possible opportunities for collaboration.

TOP 2. Panasonic 880 million US dollars to acquire Austrian automotive lighting giant ZKW Group

On December 6, it was reported that Matsushita has decided to acquire the Austrian automotive lighting giant ZKW Group, and the acquisition amount may reach 100 billion yen (about 880 million US dollars). The two parties are negotiating the details of the acquisition agreement and it is possible to reach a basic agreement in December.

It is understood that this is not Panasonic has just begun to lay out the automotive field. Panasonic has already cooperated with the US electric car giant Tesla Motors in the field of electric vehicle batteries, with a total investment of 500 billion yen. Panasonic acquired German automotive software developer OpenSynergy in July this year. Last year, it also invested 49% of the Spanish auto parts manufacturer Ficosa Group to jointly develop electronic rearview mirror products.

According to the data, the ZKW Group was established in 1938 and mainly supplies to European and American giants such as General Motors. The company has production and research bases in Europe, America, China and India. The number of employees worldwide is about 7,500. ZKW's main products are energy-saving, long-range and high-brightness automotive light-emitting diode (LED) headlights. The ZKW Group's global market share is expected to be around 5%.

Comments: With the continuous development of autopilot technology and the reality, the lights have become more and more intelligent, and are becoming important parts to ensure the safety of automobiles. In the future, the car will develop towards the trend of energy-saving development. Panasonic will gradually adjust the direction of lighting products to cope with market changes. The acquisition of ZKW Group will accelerate the layout of the automotive lighting field. In addition, Panasonic can use its experience in sensors and other fields to help develop new and more recognizable lights and enhance their competitiveness in this field.

TOP 3, Dongshan Precision plans to acquire 4 billion US listed companies MFLX

On April 20, Dongshan Precision announced that the company merged its US Nasdaq-listed company MFLX in cash through its overseas subsidiaries. According to the Merger Agreement, MFLX's combined consideration for each share is $23.95, and the total transaction price is expected to be $610 million (approximately RMB 3.984 billion), while Dongshan Precision announced on July 27 that the transaction has been completed.

MFLX is one of the world's largest suppliers of professional flexible circuit boards (FPCs) and flexible circuit assemblies (FPCAs). Its revenues are mainly from the mobile market, and its end products include smartphones, tablets and home electronics. If you successfully acquire MFLX, Dongshan Precision will become the first domestic FPC manufacturer in terms of market share and technical capability. The company's business layout has been further improved and its competitiveness has been greatly improved.

Comments: Through this acquisition, Dongshan Precision can quickly establish the recognition of Chinese companies in overseas markets, open up overseas markets, expand the base of overseas high-end customer groups, and strengthen the company's international layout by leveraging the brand effect of MFLX. At the same time, Dongshan Precision will give full play to the synergy effect with MFLX, and complement each other in terms of market and channel, product and technology, production and operation management experience, and enhance the overall market competitiveness and brand influence of Dongshan Precision.

TOP 4, Mulinsen teamed up with IDG to throw 400 million euros to acquire OSRAM lighting business

On July 26th, the Chinese consortium, which was led by strategic investor IDG Capital, and limited partners such as Mulinsen and Yiwu State-owned Capital Operation Center, successfully won Landvewans with a price of more than 400 million euros (about 439 million US dollars). Bidding for LEDVANCE, OSRAM source business). At this point, the Osram LEDVANCE merger and acquisition case, which lasted more than a year and attracted many domestic LED companies to participate in the bidding, officially ended.

Comments: Mulinsen's acquisition of Osram lighting business will accelerate the scale of the LED industry chain. After the successful acquisition, Mulinsen will expand its overseas lighting business by virtue of the channel business and brand image of multinational giant Osram, and further extend the industrial chain to the downstream, and the terminal marketing market, especially the European and American markets, will be improved. Osram sells the general lighting business with low gross profit, adjusts the company's business structure, and will gather three strategic pillars of special lighting, lighting solutions and professional lighting in the future, and transform from low-margin products to high-profit products to enhance the company's competition. force. It can be seen that this sale is perfect for Mulinsen and Osram.

TOP 5, Qinshang Optoelectronics 2.9 billion acquisition of Eddie International Education

On December 16, Qinshang Optoelectronics announced that its wholly-owned subsidiary Qinshang Industrial (Hong Kong) Co., Ltd. intends to acquire Aidi Education Group in cash. The initial valuation of this acquisition is equivalent to RMB 2.9 billion. Dollar. According to the initial planning of Qinshang Optoelectronics, the follow-up company or Hong Kong Diligence does not rule out the cooperation with related parties to establish the fund enterprise or subscribe for the fund enterprise share, or through other arrangements to implement the above acquisition.

Prior to this, Qinshang Optoelectronics acquired Guangzhou Longwen Education and Little Red Riding Hood Education for 2 billion and 870 million respectively.

According to public information, Aidi Education is a professional company engaged in international education investment in China. It provides one-stop kindergarten to 12th grade system international education. Eddie Education entered China in 1997 and can provide Chinese and foreign students with full English and bilingual. Kindergarten, elementary school, junior high school, Australian International High School (WACE), American International High School (ASE), British International High School (A-LEVEL) and International Foundation Year and English training courses.

Comments: With the approval of the new version of the "Private Education Promotion Law" in China, our national education industry will usher in a period of rapid development. This merger will further promote the business layout and expansion of Qinshang Optoelectronics in the field of private education and improve the company's comprehensive competition. Force, lay a solid foundation for the company's integration and expansion in the field of education, and help the company to maintain stable and rapid development.

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