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.
(Bloomberg) — 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% 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 $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% stake in the business for $794 million in 2019. Hong Kong-listed NVC International Holdings Ltd. holds the remaining 30%.
KKR managed about $510 billion of assets as of March 31, according to its website.
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–With assistance from Cathy Chan.
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