Beijing (PingWest)- Global investment firm KKR said on Sunday that it would buy a majority stake in NVC Lighting’s China Lighting business for a price of USD749 million.
After the transaction, KKR will own 70% of NVC China and NVC Lighting will hold the remaining 30%.
Paul Yang, Member and Head of KKR Greater China, said, “China’s lighting market has experienced tremendous momentum over the past 20 years and continues to develop as technology advances and next generation products come online. NVC China is an industry leader with an extensive distribution network, well-known brand name and strong product design capabilities. We look forward to working together with NVC China’s talented management team to support their long-term growth plan, as well as contributing to the overall development of China’s lighting industry and deepening KKR’s commitment to the market.”