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KKR Acquires Majority Stake in NVC China Lighting Business for $794 Million

Paul, Weiss advised global investment firm KKR in its $794 million acquisition of a majority equity stake in NVC Lighting Holding Limited’s (NVC Lighting) China lighting business (NVC China). KKR and NVC Lighting will set up a strategic partnership for the business by forming a joint venture, with KKR owning 70 percent of NVC China and NVC Lighting holding the remaining 30 percent. NVC Lighting will transfer 100 percent of NVC China to the joint venture. In addition to the shares in the joint venture, NVC Lighting will also receive a cash consideration from the transaction. The final settlement of payment is subject to certain adjustments and closing conditions, including China antitrust clearance. Upon completion and approval, a special dividend not less than HK$0.9 per share will be paid to NVC Lighting’s registered shareholders. KKR is making the investment from its Asian Fund III. NVC Lighting is a China-based leading lighting company listed in Hong Kong, which manufactures, sells and distributes branded lighting products and provides lighting services to consumers and businesses.

The Paul, Weiss team included corporate partner Judie Ng Shortell; and intellectual property partner Chuck Googe.

August 12, 2019

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