Kohlberg Kravis Roberts has continued its remarkable spending spree by agreeing to buy MMI, a listed Singapore-based precision engineering company, for S$1.65 per share in cash.
The bid values the company at about S$1 billion (€500 million; $660 million).
Founded in 1989 by Tan Choo Pie and The Bong Lim, MMI was listed on the Singapore stock exchange in 1997. Its two core businesses are the contract manufacturing group, which makes precision engineering components, and the systems division, which makes capital equipment. The company has manufacturing facilities in Singapore, Malaysia, China and Thailand.
KKR accounted for a staggering 48 percent of private equity deal activity in the first quarter of 2007. Its recent bids include a $43.8 billion bid alongside TPG for Texan energy company TXU, and an $18.9 billion bid for UK health and beauty retailer Alliance Boots, which would be the biggest ever European buyout.