KKR to buy majority of NVC China Lighting for US$794 million
- NVC Lightning says it will pay a special dividend of at least HK$0.9 (US$0.01) a share after the deal closes
Private equity firm KKR & Co has said it will pay NVC Lighting Holding Ltd US$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 per cent of NVC China and NVC Lighting will hold the remaining 30 per cent.
NVC Lighting said it will pay a special dividend of at least HK$0.9 (US$0.01) 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’s invested more than US$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.