Agilent Technologies confirmed plans to sell is Semiconductor Products division to Kohlberg Kravis Roberts & Co. (KKR) and Silver Lake Partners for $2.66 billion.
In addition, Agilent will sell its stake in Lumileds to Royal Philips Electronics for $950 million plus repayment of $50 million of debt. Lumileds manufacturers high-power LEDs for everyday purposes including automotive lighting, computer displays, LCD televisions, signage and signaling and general lighting.
Agilent also plans to spin off its SOC and Memory Test businesses as soon as practical in 2006.
Proceeds from the divestitures will be returned to the company’s owners through a $4 billion share repurchase program to commence immediately.
Agilent said the restructuring would re-position it as a “pure play” measurement company.
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