KKR to raise stake in Asian firm United Envirotech
(Reuters) - KKR & Co LP (KKR.N) has agreed to make a US$40 million follow-on investment in China-focused water treatment and recycling company United Envirotech (UNIT.SI) through a share purchase, the companies said in a statement on Tuesday.
KKR will buy shares in the Singapore-listed firm at S$0.50 per share, which represents an 8.5 percent premium to the volume weighted average price for the last 30 trading days, they said.
At that price the $40 million investment would give KKR shares amounting to 20.6 percent of the shares already in issue, according to Thomson Reuters' data.
In 2011 the U.S. private equity firm, which manages about $66 billion globally, invested $113.8 million in United Envirotech through convertible bonds.
The latest proceeds investment will be used to fund the acquisition of water treatment plants, upgrading of existing plants and working capital, both the companies said.
United Envirotech provides engineering services to municipal and industrial waste water treatment projects, and also operates a portfolio of waste water treatment plants across China.
(Reporting by Indulal PM; Editing by Greg Mahlich)
- Tweet this
- Share this
- Digg this
- Three major nations absent as China launches World Bank rival in Asia
- Microsoft sales beat Street hopes, cloud profits up
- China's Xiaomi shifts some smartphone user data out of Beijing on privacy concerns
- Google commits to $1 billion in long-term office leases
- Google launches new email service dubbed "Inbox"