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Benzinga
Benzinga
Business
Anusuya Lahiri

KKR To Scoop This Power Company At 36% Premium

  • U.S. private-equity firm KKR & Co Inc (NYSE:KKR) agreed to acquire power generation company ContourGlobal PLC (OTC:GLOFF) for £1.75 billion ($2.16 billion), Reuters reports.
  • KKR will pay £2.64 for each share of ContourGlobal, representing a 36% premium to its May 16 closing price.
  • ContourGlobal operates 138 thermal and renewable power plants across Europe, Latin America, North America, and Africa.
  • ContourGlobal will add to KKR's infrastructure investments that span industries like renewables, utilities, transportation, water, and communications.
  • KKR held $13.5 billion in cash and equivalents as of March 31.
  • Price Action: KKR shares closed lower by 1.17% at $50.97 on Monday.
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