国民汽水，“卖了”！

Core Viewpoint - KKR has received unconditional approval for the acquisition of 85% of Vista International Inc., which operates the popular beverage brand "Dynamo" in China, indicating a significant move by KKR into the Chinese beverage market [2][4]. Group 1: Transaction Overview - KKR, through its newly established special purpose company Dynamo Asia Holdings II Private Limited, will indirectly acquire 85% of Vista International Inc. [4] - Prior to the transaction, Vista International was wholly owned and controlled by an individual, and post-transaction, KKR will gain sole control over the company [4]. Group 2: Company Background - KKR, founded in 1976 and listed on the New York Stock Exchange, is a leading private equity firm with extensive experience in investment [4][11]. - Vista International was established in 2024 in the Cayman Islands and primarily engages in the beverage business in China [4]. Group 3: Market Position and Performance - As of May 2023, Dynamo's offline channel sales increased by 4.35% year-on-year, with market share growth exceeding 10 percentage points [8]. - In the carbonated beverage market, KKR's target company is projected to capture a market share of 5% to 10% by 2024, with Dynamo ranking third behind Coca-Cola and Pepsi [10]. Group 4: Strategic Intent - KKR aims to enhance the operational efficiency of acquired companies by streamlining their business focus and eliminating non-core operations [12]. - The acquisition aligns with KKR's strategy of investing in complex businesses with potential for improvement, particularly in the consumer sector [11][12].