KKR explores options for NVC China including sale: sources

KKR & Co is exploring options for its majority stake in a commercial lighting manufacturer in China including a potential sale, according to people familiar with the matter.

The global buyout firm is working with advisers on a strategic review for its 70 per cent stake in NVC Lighting’s China business, the people said, asking not to be identified as the information is private. A deal may fetch about US$1 billion and a sale process may formally be launched later this year, though no final decision has been made and KKR could opt to keep the assets for longer, the people said.

A representative for KKR declined to comment.

NVC China is a manufacturer of branded lighting products in China and provides lighting solutions to consumers and business clients through its distribution network across the country. KKR acquired the 70 per cent stake in the business for US$794 million in 2019. Hong Kong-listed NVC International Holdings holds the remaining 30 per cent.

KKR managed about US$510 billion of assets as of Mar 31, according to its website. BLOOMBERG