LG LCD TV deals are on the way
Posted On July 18, 2021
LONDON — LG Electronics has begun negotiations to sell its LCD TV division to a Chinese electronics manufacturer, sources familiar with the matter said Monday.
Lionel Abrash, a partner at the London-based investment firm Lazard, has been leading the effort to buy the Chinese company.
Abras, who is the chief executive officer of LG Electronics, has made the company one of his top priorities for the past three years.
Ladbrokes said the Chinese electronics giant is expected to pay $1.1 billion to buy out LG Electronics and take control of the TV division.
Lazard and Abrashes representatives declined to comment.
Lampshades is a unit of the Chinese conglomerate Lenovo Group.
A brash and sometimes combative former head of China’s top media watchdog, Li Hongyan, Lazard has been looking to sell the company since late 2016.
It has been trying to buy LG Electronics since 2014, when the Chinese firm agreed to buy it for $3.6 billion.
The deal would also give Lazard the ability to control the entire unit, which includes the TV, mobile and digital equipment divisions.
A spokeswoman for Lazard declined to be more specific about the deal, citing confidentiality laws.
Lamplight, the company that makes the popular LG TV, is also part of the consortium led by Abraser.
The consortium includes several of China`s largest TV makers and distributors, including Vivo, LG Electronics China, Vivo Mobile and Vivo TV.
Abras declined to say if he is a shareholder of Lamplight.
Lazard, which owns a large stake in Lamplights parent company LG Electronics , is also planning to sell off its stake in the company.
The deal would give Lazards control of Lampthe entire unit.
Lavish, the unit that makes lampshades, is not part of LamPLights parent Lamplighting group.
A spokesperson for Lazards declined to confirm that it was part of this group.LAMPLIGHT, which has an estimated value of $11.4 billion, employs more than 400,000 people worldwide.
Its most recent annual report showed it earned $5.8 billion.LAVISH, which is also a member of the global consortium of LG Television, reported an operating loss of $1 billion for the third quarter of 2017.
That’s down from $6.5 billion a year earlier.