SANAN plans to jointly acquire 100% equity of Lumileds Holding B.V. from Inari for a transaction price of USD 239 million
SANAN plans to jointly acquire 100% equity of Lumileds Holding B.V. for USD 239 million in cash with Inari, and jointly invest USD 280 million to establish a joint venture in Hong Kong. Upon completion of the transaction, SANAN will indirectly hold 74.5% equity of Lumileds. The target company focuses on the production and sales of mid-to-high-end LED products, and the acquisition will enhance its global supply chain layout
According to the Zhitong Finance APP, SANAN (600703.SH) announced that the company plans to jointly acquire 100% equity of Lumileds Holding B.V. with overseas investor Inari Amertron Berhad (referred to as "Inari") for a cash consideration of USD 239 million. At the same time, the company and Inari plan to jointly invest USD 280 million to establish a joint venture company (referred to as "Hong Kong SPV") in Hong Kong through their respective subsidiaries, with a contribution ratio of 74.5% and 25.5%, respectively. This joint venture will be used to pay the transaction price, various transaction costs, and supplement the target's working capital. Both parties will sign a "Cooperation Agreement" and its annexes. Upon completion of the transaction, the company will indirectly hold 74.5% equity of the target company and include it in the consolidated financial statements.
The target company focuses on the production and sales of mid-to-high-end LED products in the fields of automotive lighting, camera flashlights, and special lighting. Through this acquisition, the company and the target company will form product complementarity. The target company has mature production bases and teams in Singapore and Malaysia, and this acquisition will enable the company to obtain high-quality overseas production bases and improve its global supply chain layout
