CITIC, KKR combine forces
Print Edition
CHINESE conglomerate CITIC and US investment firm KKR said yesterday that they are joining forces to acquire Singaporean environmental services company United Envirotech Ltd in a deal that values the latter at around US$1.5 billion.
The two companies announced their plan to make a joint bid for all of the shares of UEL, which is listed on the Singapore stock market.
KKR is already the main shareholder in UEL, with a 25.8 percent stake, according to figures from Bloomberg News.
But after the transaction, which would be followed by a capital increase, KKR would be surpassed by CITIC as the controlling shareholder via the consortium that CITIC will form with KKR, the statement said.
UEL is active in the market for membrane-based water treatment, mainly for industrial clients in China.
Last year, UEL posted profits equivalent to US$24 million on revenue of US$143 million.
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