A PYMNTS Company

EU: Signify to buy US firm Cooper Lighting for $1.4 billion

By  |  October 16, 2019

Signify, the Dutch-based lighting company, has agreed to buy US firm Cooper Lighting Solutions from Eaton for $1.4 billion in cash to boost its presence in North America.

The acquisition is the largest by Signify, the world’s largest lighting maker that was formerly known as Philips Lighting, since it was spun off from Philips in 2016. 

The deal aims to boost Signify’s position in the global professional lighting market, where it is the No.2 player, and in North America, where it suffers from a lack of scale and competes with rivals like Acuity Brands, CFO Stephane Rougeot said. 

“The rationale from a strategy standpoint is to get a much stronger market position in North America in professional,” he said in a telephone interview. 

“With Cooper we are getting a very large player in North America professional. They have great market positions, they have a large agent network, they have very deep customer relationships, they have great brands over there.”

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.