GO Scale Capital Investment managed by Oak Investment Partners and GSR Ventures Management Co. Ltd. along with Asia Pacific Resources Development Investment Limited, Nanchang Industrial Holdings Group Co., Ltd, GSR Capital Group LLC and others entered into a legally binding share purchase agreement for the acquisition of 80.1% in Philips LumiLeds Holding B.V from Koninklijke Philips N.V (ENXTAM:PHIA) for $2.9 billion in cash on March 31, 2015. The deal value includes a deferred contingent payment of up to $100 million. The transaction will be financed with cash and equity. GO Scale Capital and Philips have chosen Bank of China as mandated lead arranger and sole bookrunner of $1.93 Billion debt facilities to finance acquisition. The debt facilities will include a term loan and a revolving credit facility.

In 2014, Philips LumiLeds generated sales of approximately $2 billion and reported a 2014 profit of €141 million ($171.38 million). Following the transaction, the new company will continue under the name Lumileds and Sonny Wu, co-founder and managing director of GSR Ventures and chairman of GO Scale Capital, will serve as interim chairman of Lumileds and Lumileds will be led by Chief Executive Officer Pierre-Yves Lesaicherre. As of May 18, 2015, the transaction has been granted early termination notice from Federal Trade Commission. The transaction is expected to be completed in the third quarter of 2015, subject to closing conditions, including customary regulatory approvals. Zaoui & Co acted as the financial advisor for Go Capital while Philips was advised by Morgan Stanley. Miranda So, Will Pearce, Sam Kelso, Steven Sha, Kathleen L. Ferrell, Frank J. Azzopardi, Joseph P. Hadley, John B. Reynolds III, Stephen M. Pepper and Hayden S. Baker of Davis Polk & Wardwell LLP acted as legal advisor for Oak Investment Partners and GSR Ventures Management Co. Ltd. along with Asia Pacific Resources Development Investment Limited, Nanchang Industrial Holdings Group Co., Ltd, GSR Capital Group LLC. De Brauw Blackstone Westbroek N.V. acted as legal advisor for Koninklijke Philips N.V. A of October 26, 2015, Philips said that the closing of the sale was uncertain after regulatory concerns were raised in the United States.

GO Scale Capital Investment managed by Oak Investment Partners and GSR Ventures Management Co. Ltd. along with Asia Pacific Resources Development Investment Limited, Nanchang Industrial Holdings Group Co., Ltd, GSR Capital Group LLC and others cancelled the acquisition of 80.1% in Philips LumiLeds Holding B.V from Koninklijke Philips N.V (ENXTAM:PHIA) on January 22, 2016. The application to the US Committee on Foreign Investment in the United States due to the national security concerns of the US Government, and the parties will not proceed with the transaction.