KKR to Form Strategic Partnership with NVC Lighting and Acquire Majority Interest in NVC Lighting’s China Lighting Business
August 11, 2019Contribution of KKR’s Resources and Operational Expertise Positions China Lighting Business for Continued Growth in the Domestic Chinese Market
NVC Lighting Will Own 30% of NVC Lighting’s China Lighting Business through Joint Venture with KKR
NVC Lighting Board Declares a Special Dividend not less than
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NVC China is a leading lighting company in
NVC China will continue to commit to the
Transaction Details
In connection with the transaction, KKR and NVC Lighting are to form a Joint Venture whereby KKR will own 70% of NVC China and NVC Lighting will own the remaining 30%. NVC Lighting will transfer 100% of NVC China to the Joint Venture co-owned by KKR and NVC Lighting. NVC Lighting will also receive a cash consideration from the transaction. The final settlement of payment is subject to certain adjustments and closing conditions.
A Special Dividend not less than
NVC Lighting’s non-lighting business in
The transaction is expected to close in the fourth quarter of 2019, subject to customary closing conditions and regulatory and shareholder approvals.
KKR is making this investment from its flagship Asian Fund III.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about
About NVC Lighting
NVC Lighting is a leading lighting solutions company in the PRC. It designs, develops, produces, markets and sells a variety of lighting products, with a strong focus on energy-saving and health-promoting lighting products. Currently NVC Lighting is principally engaged in the design, development, production, marketing and sales of lighting products and certain non-lighting products in both the PRC market and international market. The businesses, by geographical locations, include its lighting business in
Disclosures and Additional Information
This press release contains certain forward-looking statements and information that are based on the beliefs of the relevant persons as well as assumptions made by and information currently available to such persons. Such statements reflect the current views of such persons with respect to future events and operations, some of which may not materialize or may change. These statements are subject to certain risks, uncertainties and assumptions. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. The risks and uncertainties could affect the accuracy of forward-looking statements.
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Investors:
NVC Lighting IR Team
+852-3970 2238
ir@nvc-lighting.com; nvclighting@wsfg.hk
Media:
For KKR:
KKR Asia Pacific
Anita.Davis@KKR.com
Or
KKR-SVC@sardverb.com
FTI Consulting (for KKR China)
kkrchina@fticonsulting.com
Or
KKR Americas
Media@KKR.com
For NVC Lighting:
Yinghua.du@nvc-lighting.com
Or
alicewong@wsfg.hk
Source: KKR
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