KKR與雷士照明達成戰略合作并收購雷士照明中國照明業務多數股權

KKR將秉其資源及運營專長助力雷士照明中國照明業務在國內市場保持持續增長
通過與 KKR 建立的合資企業,雷士照明將擁有雷士照明中國照明業務 30% 的股權
雷士照明董事會宣布在交割完成時將向股東派發不少于每股 0.9 港元的特別股息
 
 
中國香港 – 2019 年 8 月 11 日 – 國際投資機構 KKR 與雷士照明控股有限公司(以下簡稱“雷士照明”或 “公司”)(股票代碼:2222)今天宣布簽署股份購買協議。根據該協議,KKR 將與雷士照明達成戰略合作并以約 7.94 億美元股權對價收購雷士照明中國照明業務(以下簡稱“雷士中國”)多數股權。交割完成后,KKR 將持有雷士中國 70%的股權,雷士照明將持有剩余 30%股權,并獲得現金對價。
 
 
雷士中國是中國照明行業的龍頭企業之一,通過其遍及中國各地的強大分銷網絡,制造及銷售雷士品牌照明產品,并向消費者和商業客戶提供照明解決方案。
 
 
KKR全球合伙人兼大中華區總裁楊文鈞表示:“中國照明市場在過去20年間經歷了迅猛增長,并隨著技術的進步及新一代產品的推出而不斷發展。雷士中國是照明行業的領導者,擁有廣泛的經銷網絡、知名的品牌影響力和強大的產品設計能力。我們十分期待與雷士中國卓越的管理團隊聯手協作,支持他們的長期發展規劃,為中國照明產業的整體持續發展做出貢獻,同時KKR也將借此進一步深耕于中國市場。”
 
 雷士照明董事長王冬雷先生表示:“雷士照明董事會在財務顧問及法律顧問的協助下主導了本次交易的完整的競標流程。我們很高興這一健全的競標流程為我們的股東帶來了滿意的結果——雷士照明的股東在繼續持有雷士中國少數股份、雷士國際業務全部股份及雷士中國非照明業務全部股份的同時,還將獲得可觀的現金對價。我們相信KKR是雷士照明理想的合作伙伴,雙方對雷士中國未來發展機遇看法高度一致,KKR具有的資源及運營專長也將助力雷士中國業務的長期發展。”
 
 
雷士中國將繼續深耕中國市場,致力于滿足中國消費者及企業客戶對高品質照明產品日益增長的需求。KKR的相關資源和運營專長將支持雷士中國推進其長期增長戰略。中國在消費、工業及商業領域的持續產業升級,以及在環境保護和節能方面的相關舉措也將為雷士中國的戰略發展帶來利好,并將支持中國的照明行業長期健康發展。雷士中國將持續投資中國業務,以技術及商業模式創新者的身份繼續保持雷士照明品牌的行業領先地位。
 
 
 
交易細節
 
 
在本次交易中,KKR和雷士照明將成立合資企業,KKR將持有雷士中國70%股權,雷士照明將持有剩余的30%股權。雷士照明將向KKR和雷士照明共同擁有的合資企業轉讓雷士中國100%股權。雷士照明還將從交易中獲得現金對價。最終的支付結算取決于若干調整和交割條件。
 
 
在獲得批準且交割完成的前提下,雷士照明董事會將宣布,向雷士照明的股東派發不低于每股0.9港元的特別股息。雷士照明將召開特別股東大會,供股東批準此項交易和特別股息。
 
雷士照明的中國非照明業務、中國原始設計制造商(ODM)業務和國際業務不包括在此項交易中,將繼續由雷士照明擁有。
 
在符合交割慣例條件,并得到監管機構和股東批準的前提下,該交易預計將于2019年第四季度交割。
 
寶維斯律師事務所、方達律師事務所及美國凱易律師事務所擔任此次交易中KKR的法律顧問。富而德律師事務所擔任雷士照明的法律顧問,德勤企業財務顧問有限公司擔任雷士照明的財務顧問。
 
KKR將通過其旗艦亞洲三期基金完成此次投資。中國是KKR亞太區域投資業務的核心,自2007年起,KKR已在中國投資超過45億美元,致力于支持中國各行業的本土優秀企業發展成為行業領導者。KKR在北京、香港和上海設有辦公室,為中國企業提供各類本土化的深度支持。
 
 
關于KKR
 
KKR是一家全球領先的投資機構,管理多種另類資產類別,包括私募股權投資、能源、基礎設施、房地產和信貸,以及與戰略合作伙伴管理對沖基金。KKR旨在通過長期且嚴謹的投資方式,憑借世界一流人才,與其被投企業共同創造價值,釋放經濟增長動力,從而為基金投資者獲取可觀的投資回報。KKR運用自有以及其為基金投資者管理的資金進行投資,并通過資本市場業務提供融資解決方案與投資機會。對KKR投資的描述可能包含KKR所發起的基金的業務活動。欲了解KKR & Co. L.P.(紐交所股份代號:KKR)的更多信息,請訪問KKR官網www.kkr.com 及Twitter @KKR_Co。
 
 
關于雷士照明
 
雷士照明是中國領先的照明解決方案提供商,致力于設計、開發、生產、營銷并銷售多種照明產品,并重點關注節能照明產品和健康照明產品。目前,雷士照明主要從事照明產品和相關非照明產品的設計、開發、生產、營銷和銷售,在中國市場和國際市場均有業務覆蓋。公司業務按地理位置劃分,包括中國的照明業務、中國的非照明業務、中國的原始設計制造商(ODM)業務和國際業務。交割完成后,雷士照明將主要從事中國的非照明業務、中國的原始設計制造商(ODM)業務和國際市場的照明產品設計、開發、生產、營銷和銷售相關業務。
 
 
披露及附加信息
 
 
本新聞稿載有若干前瞻性陳述及資料,該等陳述及資料乃基于相關人士的信念、假設及現時所掌握的資料而作出。該等陳述反映出該等人士目前對未來事件及營運的觀點,其中若干觀點可能不會實現或可能會改變。該等陳述會受若干風險、不確定因素及假設的影響。閣下應特別注意,依賴任何前瞻性陳述涉及已知及未知風險及不確定因素。該等風險及不確定因素可能會影響前瞻性陳述的準確性。
 
 
投資者垂詢:
 
雷士照明投資者關系部門
 
+852-3970 2238
 
 
 
KKR媒體垂詢:
 
Anita Davis, +852 3602 7335
 
 
FTI Consulting
 
王迪, +86 21 2315 1138
 
 
 
雷士照明媒體垂詢:
 
杜瑩華
 
+86 133 1608 1476
 
 
 
皓天財經集團
 
黃善謙 +852 5318 1926
 
 
 
 
 
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
 
 
 
Media:
 
For KKR Asia Pacific:
Anita Davis, +852 3602 7335
 
Or
 
FTI Consulting (for KKR China)
Dee Wang, +86 21 2315 1138
 
 
 
 
For NVC Lighting:
 
Du Yinghua, +86 133 1608 1476
 
 
Or
 
Wonderfulsky Financial Group (for NVC Hong Kong)
 
Alice Wong, +852 5318 1926
 
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