KKR与雷士照明达成战略合作并收购雷士照明中国照明业务多数股权

KKR将秉其资源及运营专长助力雷士照明中国照明业务在国内市场保持持续增长
通过与 KKR 建立的合资企业,雷士照明将拥有雷士照明中国照明业务 30% 的股权
雷士照明董事会宣布在交割完成时将向股东派发不少于每股 0.9 港元的特别股息
 
 
中国香港 – 2019 年 8 月 11 日 – 国际投资机构 KKR 与雷士照明控股有限公司(以下简称“雷士照明”或 “公司”)(股票代码:2222)今天宣布签署股份购买协议。根据该协议,KKR 将与雷士照明达成战略合作并以约 7.94 亿美元股权对价收购雷士照明中国照明业务(以下简称“雷士中国”)多数股权。交割完成后,KKR 将持有雷士中国 70%的股权,雷士照明将持有剩余 30%股权,并获得现金对价。
 
 
雷士中国是中国照明行业的龙头企业之一,通过其遍及中国各地的强大分销网络,制造及销售雷士品牌照明产品,并向消费者和商业客户提供照明解决方案。
 
 
KKR全球合伙人兼大中华区总裁杨文钧表示:“中国照明市场在过去20年间经历了迅猛增长,并随着技术的进步及新一代产品的推出而不断发展。雷士中国是照明行业的领导者,拥有广泛的经销网络、知名的品牌影响力和强大的产品设计能力。新濠欢乐厅十分期待与雷士中国卓越的管理团队联手协作,支持他们的长期发展规划,为中国照明产业的整体持续发展做出贡献,同时KKR也将借此进一步深耕于中国市场。”
 
 雷士照明董事长王冬雷先生表示:“雷士照明董事会在财务顾问及法律顾问的协助下主导了本次交易的完整的竞标流程。新濠欢乐厅很高兴这一健全的竞标流程为新濠欢乐厅的股东带来了满意的结果——雷士照明的股东在继续持有雷士中国少数股份、雷士国际业务全部股份及雷士中国非照明业务全部股份的同时,还将获得可观的现金对价。新濠欢乐厅相信KKR是雷士照明理想的合作伙伴,双方对雷士中国未来发展机遇看法高度一致,KKR具有的资源及运营专长也将助力雷士中国业务的长期发展。”
 
 
雷士中国将继续深耕中国市场,致力于满足中国消费者及企业客户对高品质照明产品日益增长的需求。KKR的相关资源和运营专长将支持雷士中国推进其长期增长战略。中国在消费、工业及商业领域的持续产业升级,以及在环境保护和节能方面的相关举措也将为雷士中国的战略发展带来利好,并将支持中国的照明行业长期健康发展。雷士中国将持续投资中国业务,以技术及商业模式创新者的身份继续保持雷士照明品牌的行业领先地位。
 
 
 
交易细节
 
 
在本次交易中,KKR和雷士照明将成立合资企业,KKR将持有雷士中国70%股权,雷士照明将持有剩余的30%股权。雷士照明将向KKR和雷士照明共同拥有的合资企业转让雷士中国100%股权。雷士照明还将从交易中获得现金对价。最终的支付结算取决于若干调整和交割条件。
 
 
在获得批准且交割完成的前提下,雷士照明董事会将宣布,向雷士照明的股东派发不低于每股0.9港元的特别股息。雷士照明将召开特别股东大会,供股东批准此项交易和特别股息。
 
雷士照明的中国非照明业务、中国原始设计制造商(ODM)业务和国际业务不包括在此项交易中,将继续由雷士照明拥有。
 
在符合交割惯例条件,并得到监管机构和股东批准的前提下,该交易预计将于2019年第四季度交割。
 
宝维斯律师事务所、方达律师事务所及美国凯易律师事务所担任此次交易中KKR的法律顾问。富而德律师事务所担任雷士照明的法律顾问,德勤企业财务顾问有限公司担任雷士照明的财务顾问。
 
KKR将通过其旗舰亚洲三期基金完成此次投资。中国是KKR亚太区域投资业务的核心,自2007年起,KKR已在中国投资超过45亿美元,致力于支持中国各行业的本土优秀企业发展成为行业领导者。KKR在北京、香港和上海设有办公室,为中国企业提供各类本土化的深度支持。
 
 
关于KKR
 
KKR是一家全球领先的投资机构,管理多种另类资产类别,包括私募股权投资、能源、基础设施、房地产和信贷,以及与战略合作伙伴管理对冲基金。KKR旨在通过长期且严谨的投资方式,凭借世界一流人才,与其被投企业共同创造价值,释放经济增长动力,从而为基金投资者获取可观的投资回报。KKR运用自有以及其为基金投资者管理的资金进行投资,并通过资本市场业务提供融资解决方案与投资机会。对KKR投资的描述可能包含KKR所发起的基金的业务活动。欲了解KKR & Co. L.P.(纽交所股份代号:KKR)的更多信息,请访问KKR官网www.kkr.com 及Twitter @KKR_Co。
 
 
关于雷士照明
 
雷士照明是中国领先的照明解决方案提供商,致力于设计、开发、生产、营销并销售多种照明产品,并重点关注节能照明产品和健康照明产品。目前,雷士照明主要从事照明产品和相关非照明产品的设计、开发、生产、营销和销售,在中国市场和国际市场均有业务覆盖。公司业务按地理位置划分,包括中国的照明业务、中国的非照明业务、中国的原始设计制造商(ODM)业务和国际业务。交割完成后,雷士照明将主要从事中国的非照明业务、中国的原始设计制造商(ODM)业务和国际市场的照明产品设计、开发、生产、营销和销售相关业务。
 
 
披露及附加信息
 
 
本新闻稿载有若干前瞻性陈述及资料,该等陈述及资料乃基于相关人士的信念、假设及现时所掌握的资料而作出。该等陈述反映出该等人士目前对未来事件及营运的观点,其中若干观点可能不会实现或可能会改变。该等陈述会受若干风险、不确定因素及假设的影响。阁下应特别注意,依赖任何前瞻性陈述涉及已知及未知风险及不确定因素。该等风险及不确定因素可能会影响前瞻性陈述的准确性。
 
 
投资者垂询:
 
雷士照明投资者关系部门
 
+852-3970 2238
 
ir@nvc-lighting.com; nvclighting@wsfg.hk
 
 
KKR媒体垂询:
 
Anita Davis, +852 3602 7335
Anita.Davis@KKR.com
 
 
FTI Consulting
 
王迪, +86 21 2315 1138
 
kkrchina@fticonsulting.com
 
 
雷士照明媒体垂询:
 
杜莹华
 
+86 133 1608 1476
 
Yinghua.du@nvc-lighting.com
 
 
皓天财经集团
 
黄善谦 +852 5318 1926
 
alicewong@wsfg.hk
 
 
 
 
KKR to Form Strategic Partnership with NVC Lighting and Acquire Majority Interest in NVC Lighting’s China Lighting Business
Contribution of KKR’s Resources and Operational Expertise Positions China Lighting Business for Continued Growth in the Domestic Chinese Market
NVC Lighting Will Own 30% of NVC Lighting’s China Lighting Business through Joint Venture with KKR
NVC Lighting Board Declares a Special Dividend not less than HK$0.9 per share to be Paid Upon Closing of the Transaction
 
 
HONG KONG, China – August 11, 2019 – Global investment firm KKR and NVC Lighting Holding Limited (“NVC Lighting” or the “Company”) (Stock Code:2222) today announced the signing of a Share Purchase Agreement under which KKR has agreed to set up a strategic partnership with NVC Lighting and acquire a majority interest in NVC Lighting’s China Lighting Business (“NVC China”) for a total equity value of approximately US$794mm.  Following the completion of the transaction, KKR will own 70% of NVC China and NVC Lighting will hold the remaining 30% and receive a cash consideration.  
 
 
NVC China is a leading lighting company in China, manufacturing, selling and distributing branded lighting products and providing lighting solutions to consumers and business clients through a robust distribution network across China.
 
 
 
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.”
 
 
Wang Donglei, Chairman of the Board of NVC Lighting, said, “Our Board conducted a comprehensive sales process, assisted by financial and legal advisors.  We are pleased that this robust process has produced an outstanding outcome for our shareholders, who will maintain minority ownership in NVC China as well as full ownership of NVC Lighting’s international business and its non-lighting business in China, and receive a compelling cash consideration for their shares. We believe we have found a partner in KKR who shares our conviction in the opportunity for NVC China and will contribute resources and operational expertise to support the long-term development of the business.”
 
NVC China will continue to commit to the China market and focus on addressing the increasing demand of Chinese consumers and business clients for high-quality lighting products.  The support of KKR’s resources and operational expertise will enable the business to undertake a long-term growth strategy that is also supported by China’s ongoing consumption, industrial and commercial upgrades, as well as the promotion of environmental protection and energy conservation. These trends underpin healthy long-term sector growth for the lighting industry in China, and NVC China will invest in its business to ensure the NVC brand stays ahead as a technology and business model innovator.    
 
 
Transaction Details
 
 
In connection with the transaction, KKR and NVC Lighting are to form a Joint Venture whereby KKR will own 70% of NVC China and NVC Lighting will own the remaining 30%.  NVC Lighting will transfer 100% of NVC China to the Joint Venture co-owned by KKR and NVC Lighting.  NVC Lighting will also receive a cash consideration from the transaction.  The final settlement of payment is subject to certain adjustments and closing conditions. 
 
 
A Special Dividend not less than HK$0.9 per share will be declared by the Board of NVC Lighting and paid to the Company’s registered shareholders, subject to the approval and closing of the transaction.  NVC Lighting will convene an EGM for shareholders to approve the transaction and Special Dividend.
 
NVC Lighting’s non-lighting business in China, China ODM business and international business are not included in the transaction and will remain with NVC Lighting.
 
The transaction is expected to close in the fourth quarter of 2019, subject to customary closing conditions and regulatory and shareholder approvals.
 
Paul, Weiss, Rifkind, Wharton & Garrison LLP, Fangda Partners and Kirkland & Ellis acted as legal advisors to KKR. Freshfields Bruckhaus Deringer acted as legal advisor and Deloitte & Touche Corporate Finance Limited acted as financial advisor to NVC Lighting.
 
KKR is making this investment from its flagship Asian Fund III. China is a core focus within KKR’s Asia Pacific strategy, and the Firm has deployed more than US$4.5 billion since 2007 to build domestic champions into industry leaders. KKR delivers deep, local expertise to Chinese companies across various sectors through its offices in Beijing, Hong Kong, and Shanghai.
 
 
About KKR
 
 
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
 
 
About NVC Lighting
 
NVC Lighting is a leading lighting solutions company in the PRC. It designs, develops, produces, markets and sells a variety of lighting products, with a strong focus on energy-saving and health-promoting lighting products. Currently NVC Lighting is principally engaged in the design, development, production, marketing and sales of lighting products and certain non-lighting products in both the PRC market and international market. The businesses, by geographical locations, include its lighting business in China, non-lighting business in China, China ODM business and international business. After the transaction, NVC Lighting will be primarily engaged in its non-lighting business in China, China ODM business and international business, which includes the design, development, production, marketing and sales of lighting products.
 
 
Disclosures and Additional Information
 
 
This press release contains certain forward-looking statements and information that are based on the beliefs of the relevant persons as well as assumptions made by and information currently available to such persons. Such statements reflect the current views of such persons with respect to future events and operations, some of which may not materialize or may change. These statements are subject to certain risks, uncertainties and assumptions. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. The risks and uncertainties could affect the accuracy of forward-looking statements.
 
 
Investors:
 
 
NVC Lighting IR Team
 
+852-3970 2238
 
ir@nvc-lighting.com; nvclighting@wsfg.hk
 
 
Media:
 
For KKR Asia Pacific:
Anita Davis, +852 3602 7335
Anita.Davis@KKR.com
 
Or
 
FTI Consulting (for KKR China)
Dee Wang, +86 21 2315 1138
 
kkrchina@fticonsulting.com
 
 
 
For NVC Lighting:
 
Du Yinghua, +86 133 1608 1476
 
Yinghua.du@nvc-lighting.com
 
Or
 
Wonderfulsky Financial Group (for NVC Hong Kong)
 
Alice Wong, +852 5318 1926
 
alicewong@wsfg.hk
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