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NVC Lighting surges over 50% in Hong Kong after KKR took majority stake

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Shares of NVC Lighting opened more than 70 per cent higher on Monday and pared some gains to over 50 per cent as of 10:49 HK time after KKR & Co. said it will pay the company $794 million for a majority stake in its China lighting business.

The companies said in a statement they will set up a strategic partnership for the business. Once completed, KKR will own 70 per cent of NVC China and NVC Lighting will hold the remaining 30 per cent.

NVC Lighting said it will pay a special dividend of at least 9 Hong Kong cents ($0.01) a share after the deal closes, which is expected in the fourth quarter.

KKR said the investment is from its flagship Asian Fund III and that it’s invested more than $4.5 billion in China since 2007.

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