Wunderbar! KKR to Sell Versatel Stake for €586M Cash
September 05, 2014
Kohlberg Kravis Roberts agreed to sell its 74.9% stake in Versatel, a provider of data, Internet and voice services in Germany, to the company’s other stakeholder, United Internet (XTER: UTDI). Expected to close in October, the deal is for €586 million ($769 million) in cash and will give the acquiring German/European Internet services corporation a 100% stake. KKR backed Versatel in summer 2011 and will reportedly realize a 2.9x return on its investment. Versatel, which will be fully consolidated into United Internet as a wholly owned subsidiary, expects revenue of roughly €548 million ($712 million) and EBITDA of about €164 million ($213 million) for FY2014.