The hottest KKR reached a strategic cooperation wi

2022-08-11
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KKR reached a strategic cooperation with Rex lighting and acquired a majority stake in the lighting business of Rex lighting in China.

international investment institution KKR and Holding Co., Ltd. (hereinafter referred to as "Rex lighting") announced the signing of a share purchase agreement on the 11th. According to the agreement, KKR will reach a strategic cooperation with Rex lighting and acquire the majority equity of Rex lighting China lighting business (hereinafter referred to as "Rex China") at an equity consideration of about US $794million. After the completion of the delivery, KKR will hold 70% equity of Rex China, and Rex lighting will hold the remaining 30% equity and obtain cash consideration

"China's lighting market has experienced rapid growth in the past 20 years, and continues to develop with technological progress and the introduction of new generation products. Rex China is the leader of the lighting industry. We look forward to working with Rex China Zhuo management team to contribute to the overall sustainable development of China's lighting industry." Yang Wenjun, a KKR person and President of Greater China, said that at the same time, KKR will also take this opportunity to further cultivate in the Chinese market

Mr. Wang Donglei, chairman of Rex lighting, also said that the board of directors of Rex lighting led the complete bidding process of this transaction with the assistance of financial advisers and legal advisers. Rex lighting acid and other mixtures will receive considerable cash consideration while continuing to hold a minority stake in Rex China, all shares in Rex international business and all shares in Rex China's non lighting business. He believes that KKR is an ideal partner of Rexroth lighting, and the two sides have highly consistent views on the future development opportunities of Rexroth China. KKR's resources and operation expertise will also help the long-term development of Rexroth China's business

in terms of the transaction details of the use of relaxation experimental machine and technical essentials, in this transaction, KKR and Rex lighting will establish a joint venture, KKR will hold 70% equity of Rex China, and Rex lighting will hold the remaining 30% equity. Rexroth lighting will transfer 100% equity of Rexroth China to the joint venture jointly owned by KKR and Rexroth lighting, and will also obtain cash consideration from the transaction. The final payment and settlement depends on a number of adjustments and delivery conditions

on the premise of approval and completion of the settlement, the board of directors of Rexroth lighting will announce a special dividend of no less than HK $0.9 per share to the shareholders of Rexroth lighting. Rexroth lighting will hold a special meeting for shareholders to approve this transaction and special dividends. The most important and longest failures of Rex sensors are mainly experimental overload lighting. China's non lighting business, China's original design manufacturer (ODM) business and international business are not included in this transaction, and will continue to be owned by Rex lighting

the transaction is expected to be delivered in the fourth quarter of 2019 on the premise that it meets the conditions of delivery practices and is approved by regulators and shareholders

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