KKR buys into Chinese lighting product maker NVC
Global investment firm KKR & Co., Inc. has announced to buy a majority stake in the Chinese mainland business of NVC Lighting Holding Ltd., a leading lighting products maker in the country.
According to a statement jointly issued by the two companies, once the strategic partnership is set up, KKR will pay 794 million U.S. dollars for a 70-percent stake in NVC's China business, while the latter will continue to hold the remaining 30 percent of stock equity.
"We believe KKR will contribute international resources and operational expertise to support the long-term development of NVC Lighting," said Wang Donglei, chair of the board of NVC Lighting, which was founded in 1998 in southern province of Guangdong.
China is a core focus of KKR's Asia Pacific strategy. It has invested more than 4.5 billion U.S. dollars since 2007 to support competitive local firms to develop into industry leaders, according to KKR.