Deals
KKR Defies Market Gloom With Biggest U.K. Deal Since Virus
- Buyout firm buys Viridor from Pennon for about $5 billion
- Waste management deal comes amid plunge in stock markets
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KKR & Co. pulled off one of the biggest deals since the coronavirus pandemic roiled markets by agreeing to buy Pennon Group Plc’s waste-management arm Viridor Ltd. for 4.2 billion pounds ($4.9 billion) including debt.
The deal will result in net cash proceeds of about 3.7 billion pounds to Pennon, with an additional consideration of 200 million pounds contingent on future events, Pennon said in a statement on Wednesday. The buyout firm’s infrastructure arm beat out several private equity and infrastructure funds with a fully financed offer early in the auction, said people familiar with the matter, who asked not to be identified because that information was private.