KKR to Buy Majority of NVC’s China Lighting Unit for $794 Million
(Bloomberg) — KKR & Co. said it will pay NVC Lighting Holding Ltd. $794 million for a majority stake in its China lighting business.
The companies said in a statement they will set up a strategic partnership for the business. Once completed, KKR will own 70% of NVC China and NVC Lighting will hold the remaining 30%.
NVC Lighting said it will pay a special dividend of at least 9 Hong Kong cents (1 U.S. cent) a share after the deal closes, which is expected in the fourth quarter.
KKR said the investment is from its flagship Asian Fund III and that it has invested more than $4.5 billion in China since 2007.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, Fangda Partners and Kirkland & Ellis acted as legal advisers to KKR. Freshfields Bruckhaus Deringer acted as legal adviser and Deloitte & Touche acted as financial adviser to NVC Lighting.
Contact editor Yang Ge (geyang@caixin.com)
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