Kohlberg Kravis Roberts & Co, a New York-based private equity firm, says it will purchase a majority of shares of China-based NVC China for US$794 from parent company NVC Lighting Holding Ltd.

The companies announced that they will be creating a strategic partnership in which, when done, KKR will hold 70% of shares and NVC Lighting will own the remainder of the stocks.

NVC Lighting is planning on paying shareholders a special dividend after the deal is sealed, of HK$0.9 (US$0.01) a share. The deal is expected to be finalized during the fourth quarter of 2019.

The investment came from KKR’s flagship Asian Fund III. Since 2007 the fund has invested over US$4.5 billion in Chinese companies.