KKR Acquires 92% Versatel Stake

Private equity advisor,Kohlberg Kravis Roberts(KKR), will acquire a 92% stake in German telecommunications company,Versatel,The Wall Street Journalreports. ShareholdersUnited Internet,Apax PartnersandCyrte 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, addsReuters.

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