Inari, Sanan jointly acquire Lumileds International for RM1.03bil
Inari said in a filing with Bursa Malaysia that the company together with Sanan today entered into a share purchase agreement (SPA) with Dutch-based Lumileds Subholding BV for the proposed acquisition.
Lumileds International was incorporated on Oct 30, 2014 in Amsterdam, the Netherlands and is a globally recognised leader in the LED industry, specialising in the production and sales of mid-to-high-end LED products.
"The proposed joint acquisition will strengthen Inari group's existing captive business strategy while enabling the company to expand and enhance its current product portfolio.
"This strategic move will allow Inari group to diversify its product offerings and customer base, thereby creating additional revenue and earnings streams," it said.
Inari had also entered into collaboration agreement (CA) and shareholders' agreement (SHA) with Sanan for the purpose of regulating the respective rights and obligations in Lumileds International and the relationship with one another upon completion of the proposed joint acquisition.
It said a special purpose vehicle will be incorporated in Hong Kong (HK SPV) and co-owned by Sanan (74.5 per cent) and Inari (25.5 per cent), either directly or indirectly through their respective wholly owned subsidiaries, and the HK SPV will undertake the proposed joint acquisition.
In addition to the capital contribution towards the payment of the enterprise value, Inari and Sanan have agreed to inject a further estimated US$41 million (RM176.3 million) into HK SPV and/or Lumileds International for working capital purposes.
This brings the total investment outlay for the proposed joint acquisition and estimated working capital to US$280 million (RM1.2 billion).
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