Dutch electronics giant Philips on Tuesday, Mach 31, 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, according to AFP.

"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 adding it expected to get around $2.8 billion (2.5 bn euros) from the deal.