BRIEF-Philips says to acquire 51 pct of General Lighting Company

AMSTERDAM, March 17 Mon Mar 17, 2014 3:07am EDT

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AMSTERDAM, March 17 (Reuters) - Koninklijke Philips NV : * Enters into joint venture to create leading lighting player in the kingdom of Saudi Arabia * Entered in agreements to acquire 51% of general lighting company, a major lighting company in the kingdom of Saudi Arabia * Lighting JV aims to capture growth from infrastructure spending and drive f or energy efficiency in largest economy in the Middle East * Deal value of $235 million (on a cash-free, debt-free basis) plus additional transaction costs * Alliance is the holding company managed by Abdullah Al-Hobayb (founder and chairman of GLC) and will be the JV partner with a 49 pct stake * Closing of the proposed transaction is expected to be later this year * To acquire 51 pct of general lighting co from consortium of shareholders of alliance holding, Hejailan Group, the Carlyle Group

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