San'an Optoelectronics progresses Lumileds acquisition, faces remaining approvals

San'an Optoelectronics is moving forward with its acquisition of 100% of Lumileds Holding B.V. for $2.39 billion, initially announced on August 1, 2025. The company plans to establish a joint venture in Hong Kong with Inari Amertron Berhad, contributing $2.086 billion for the acquisition and working capital. This investment gives San'an Optoelectronics indirect control of 74.5% of Lumileds.

Audited pro forma financial statements for Lumileds Holding B.V. for the period ending June 30, 2025, show total assets of 40.19 bn yuan, total liabilities of 26.37 bn yuan, and net assets of 13.82 bn yuan. For the first half of 2025, Lumileds reported operating revenue of 20.54 bn yuan and a net loss of 2.21 bn yuan.

While anti-monopoly reviews in China and Turkey, and the FDI review in Italy, have been completed, the acquisition still requires shareholder approval from San'an Optoelectronics. Additional pending items include FDI reviews in the Netherlands and Germany, CFIUS approval in the United States, and various domestic and overseas investment filing and approval procedures. The company acknowledges risks related to Lumileds' future performance, approval uncertainties, integration challenges, and foreign exchange fluctuations.