KKR forms alliance with NVC Lighting, acquires share in NVC China
Category: #business  By Mateen Dalal  Date: 2019-08-12
  • share
  • Twitter
  • Facebook
  • LinkedIn

KKR forms alliance with NVC Lighting, acquires share in NVC China
  • The resources and operational expertise of KKR supports NVC Lighting’s China Lighting business for sustained growth in the domestic market.
     
  • The alliance between the 2 companies will benefit NVC Lighting with 30 per cent of NVC China.
     
  • NVC Lighting Board announced a Special Dividend of at least HK dollar 0.9 per share to be Paid Upon Closing of the Transaction

The international investment firm KKR reportedly inked a Share Purchase Agreement with China based NVC Lighting to set up a strategic partnership with NVC Lighting and take over a major interest in the latter’s China business for an overall equity value of nearly USD 794 Mn. It has been claimed that following the accomplishment of the deal, KKR is expected to own over 70 per cent of NVC China while NVC Lighting will hold the other 30 per cent.

For the uninitiated, NVC China is a leading lighting company in China engaged in the manufacturing, selling and distribution of branded lighting products and offering solutions to the consumers and business clients through a healthy distribution network across China.

Wang Donglei, Chairman of the Board, NVC Lighting was reportedly quoted stating that the company is pleased to produce an outstanding outcome for the shareholders, who will be looking after the marginal ownership in NVC China along with the complete ownership of NVC Lighting’s global business. The company believes that the KKR will wholly contribute resources and operational expertise to support the development of the business for a longer term.

Meanwhile, Paul Yang, the Head of KKR Greater China, cited that the company looks forward to working with NVC China’s commendable management team to support its long-term growth plan, contributing to the global development of the country’s lighting industry and strengthening KKR’s commitment to the market.

Reportedly, a Special dividend at the very least HK dollar 0.9 per share is to be declared by the Board of NVC Lighting and paid to the Company's enlisted investors, subject to the endorsement and shutting of the exchange.

Source credit: https://www.businesswire.com/news/home/20190811005024/en/KKR-Form-Strategic-Partnership-NVC-Lighting-Acquire

About Author

Mateen Dalal    

Mateen Dalal

Despite working as a professional testing engineer, Mateen Dalal always held a liking for content creation. Following his passion, he now pens down articles for itresearchbrief.com and a couple of similar portals. Mateen is a qualified electronics and telecommunicat...

Read More>>

More News By Mateen Dalal

Advaxis reveals positive data from Phase 1/2 ADXS-503 trial for NSCLC
Advaxis reveals positive data from Phase 1/2 ADXS-503 trial for NSCLC
By Mateen Dalal

Advaxis, Inc., a clinical-stage biotechnology company developing and commercializing immunotherapy p...

Mustang Bio observes complete response for MB-106 in lymphoma patient
Mustang Bio observes complete response for MB-106 in lymphoma patient
By Mateen Dalal

  MB-106 has been developed for cancer in partnership with Fred Hutchinson Cancer Research C...

FDA approves three drugs for counter use through Rx-to-OTC process
FDA approves three drugs for counter use through Rx-to-OTC process
By Mateen Dalal

The U.S. FDA (Food and Drug Administration) has reportedly approved three drugs as an over-the-count...