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KKR to Buy Majority of NVC China Lighting Unit for $794 Million

Sara Marley

(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 ($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 $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.

To contact the reporter on this story: Sara Marley in London at smarley1@bloomberg.net

To contact the editors responsible for this story: Andrew Davis at abdavis@bloomberg.net, John Deane, Tony Halpin

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