FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

U.S. private equity firm KKR & Co is exploring options, including a sale, for its majority stake in commercial lighting manufacturer NVC International Holdings’ China business, Bloomberg News reported on Monday.

A deal may fetch about $1 billion and a sale process may be formally launched later this year, though no final decision has been made, the report said, citing people familiar with the matter.

KKR acquired a majority stake in NVC China for a total equity value of about $794 million in 2019. NVC International owns the remaining roughly 30%.

KKR and NVC did not immediately respond to a Reuters’ request for comment.

Reuters