Reuters- First Reserve Sells Majority Interest In Acteon

Private equity investor KKR has bought UK offshore oil and gas services group Acteon from rival First Reserve, it said on Monday, Reuters reported. Texas-based private equity firm White Deer Energy will take a minority stake alongside KKR, with the remainder of the company owned by management, the groups said. No financial details were disclosed but two people familiar with the situation said the deal valued the company at 800 million to 900 million pounds ($1.3-1.45 billion). First Reserve bought a 52 percent stake in Acteon in 2006 for 70 million pounds.

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