Dutch electronics giant Philips on Tuesday said it was selling a majority stake in its LED and car lighting arm to a consortium led by China-based GO Scale Capital investment fund in a deal worth $2.8 bn. "Philips today announced that it has signed an agreement with a consortium led by GO Scale Capital through which they will acquire an 80.1 percent interest in Philips' combined LED components and automotive lighting business," the Amsterdam-based Philips said. "Philips expects to receive cash proceeds, before tax and transaction related costs, of approximately USD 2.8 billion (2.5 billion euros," it said in a statement. After the sale, to be completed in the third quarter of the year, Philips will retain a 19.9 percent share in the business, it added.
Long-serving New Zealand cricketer Daniel Vettori called time on his international career Tuesday, saying the World Cup final was his last appearance for the Black Caps. "It was my last game for New Zealand so it was a lovely way to finish," the former captain told reporters as the team returned from Sunday's final to a heroes' welcome despite being beaten by seven wickets by Australia at the Melbourne Cricket Ground. The 36-year-old's announcement was no real surprise after an 18-year international career. New Zealand captain Brendon McCullum revealed that Vettori pulled a calf muscle when exercising between innings in the World Cup final but still managed to send down five overs taking none for 25.