Global alternative asset manager The Carlyle Group has entered into a definitive agreement to sell its 30 percent stake in Saudi Arabia-based lighting fixture manufacturer General Lighting Company (GLC) to diversified health company Royal Philips. This is part of a larger transaction in which Philips has agreed to acquire a 51 percent stake in GLC for US$235 million from The Carlyle Group, GLC’s founder and chairman Abdullah Al-Hobayb’s holding company Alliance Holding and Saudi Arabia-based professional services provider Al-Hejailan Group. The Carlyle Group originally invested in GLC four years ago through its Carlyle MENA Fund. The transaction is subject to customary regulatory approvals and other closing conditions.