Kohlberg Kravis Roberts, the US private equity house with a London-based European presence, appears to have established itself as the private equity partner of choice of Siemens, the German conglomerate.
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According to reports, KKR is in the process of finalising the acquisition of parts of Siemens’ network management interests in France, Italy and the UK.
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The deal comes shortly after KKR’s E1.7bn acquisition of several of the German group’s non-core operations in September. In this transaction, KKR became the majority of a range of assets, with Siemens retaining a 19 per cent stake. As the Financial Times reports today, the same structure is going to be used in the new deal.
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The businesses are to be integrated into a new vehicle called Omnetica, which is expected to generate sales of E400m in the current financial year, the newspaper said.
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Ned Gilhuly, a London-based partner at KKR, refused to comment.