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.
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.
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.
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.
Ned Gilhuly, a London-based partner at KKR, refused to comment.