Private equity advisor, Kohlberg Kravis Roberts (KKR), will acquire a 92% stake in German telecommunications company, Versatel, The Wall Street Journal reports. Shareholders United Internet, Apax Partners and Cyrte Investments, will sell their shares at a price of €5.50 per share.
United Internet will sell a 25% stake in Versatel to KKR for €63.2 million, but will retain options to either buy back a stake or the entire company at a later date. The overall acquisition value has not been disclosed. The transaction is expected to be completed in the third quarter of 2011, adds Reuters.
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