Foreign media from two Chinese companies will bid for GE lighting business, or transactions amounted to 6 billion 340 million yuan

According to the Reuters quoted an anonymous insider news that there are at least two Chinese companies are preparing to bid for the U.S. General Electric (GE) residual lighting business, the potential transaction or $1 billion (equivalent to approximately RMB 6 billion 340 million yuan).

One insider said, the headquarters is located in Guangdong province and Foshan Linsen electric lighting is negotiations with lenders, to provide funds for the potential transaction.

According to another source said, GE on Monday (5 days) to the relevant parties to send documents concerning the sale process, will then publish the information memorandum in a few weeks, and after the first round of bidding.

According to reports, GE declined to comment, could not be reached and FSL did not comment Rawlinson, immediately reply to requests for comment.

It is understood that in mid February, GE announced an agreement, agreed to its European lighting business sold to a by its former executives Joerg Bauer holding company, the specific amount is unknown. This marks the first step of the GE lighting business stripping.

The United States mainly located in the lighting business selling surplus, which is part of GE's restructuring plan, the plan is to divest assets worth $20 billion, three core sectors of the remaining company will focus on electric power, aviation and medical care.

In addition, according to informed sources revealed last month, GE was considering the sale of its industrial gas engine business value, or up to $2 billion.

It is reported that, GE lighting business profit fell sharply in 2017 last year, revenues of nearly $2 billion, net profit of $93 million, while the 2016 revenue of $4 billion 800 million, net profit of $199 million, up sharply down.

One insider said, GE lighting business in the U.S. will be sold to the company, including CREE (CREE.O), Acuity (AYI.N), Leviton, Hubbell (HUBB.N) and Eaton (ETN.N).

GE said last month that the transaction will be completed or divided into several times to complete. (compiled: LEDinside Janice)

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