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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.