Small BusinessKKR hikes stake in Aricent to 79% for $225 million
Kohlberg Kravis Roberts & Co (KKR), a global private equity fund, has announced that it has hiked its stake to 79 per cent in Aricent, a telecom software solutions firm in a deal valued at $225 million.
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The deal closed on September 16, 2009 follows the completion of an agreement between KKR and Canada Pension Plans (CPP) Investment Board with Flextronics to purchase certain securities.
"This investment reflects our belief in management and the company as they continue to grow Aricent at this very important time in the communications industry," Sanjay Nayar, CEO of KKR India, said.
"KKR saw this as a compelling opportunity through a secondary transaction to further increase our economic interest in Aricent, a company in which we originally invested in 2006 and in which we continue to see tremendous upside,"Jamie Greene, a Member of KKR said.