Mergers and Acquistions News
Categories: Software
May 19th 2011, 15:45PM
A deal has been made for the sale of telecoms company German Versatel to US buyout firm Kohberg, Kravis Roberts and Co (KKR) for just over €240 million (£211 million).
Shareholders Apax, Cryte and United Internet have been in discussions over the sale for some time, and have now agreed to sell their majority shares in a bid to focus the company on business customers. The agreed acquisition price is €5.50 per share.
Those holding the remaining three per cent of German Versatel will be offered €6.70 per share.
Alain.D. Bandle, chief executive officer of Versatel, said: "We look forward to partnering with KKR and will continue this strategy to develop Versatel to infrastructure-based market leader and preferred partner network that focuses on the German Wholesale and B2B telecoms market."
The deal is due to be completed later in the year.
Versatel provides voice, internet and data for the German market. The company has grown considerably since it was founded and last year it had a €725 million turnover.
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