Xiamen-based Sanan Optoelectronics announced that it has partnered with overseas investor Inari Amertron Berhad to acquire 100% of Lumileds Holding B.V. for $239 million in cash, as part of a major strategic expansion into the global LED and semiconductor components market.

The two companies also plan to jointly invest $280 million to establish a new joint venture in Hong Kong.

According to Sanan’s announcement, the acquisition has already passed antitrust reviews in China and Turkey and Italy's FDI review, but several key regulatory approvals remain pending. The transaction must still secure foreign direct investment (FDI) clearance from the Netherlands and Germany, approval from the U.S. Committee on Foreign Investment in the United States (CFIUS), and complete China’s required outbound investment filing or approval procedures.

Sanan warned that the deal carries multiple uncertainties and risks. Lumileds’ future performance may fall short of expectations, the company said, while challenges related to regulatory approvals, business integration, transaction completion, goodwill impairment, and exchange-rate fluctuations could also impact the final outcome.

Industry analysts note that, if completed, the acquisition would give San’an access to Lumileds’ advanced LED technologies and global customer network, potentially strengthening China’s position in high-end optoelectronic components. However, the extensive cross-border review process — particularly the CFIUS assessment — may prolong the timeline before the deal can be finalized.

Sanan said it will continue to update investors as the approval process moves forward.