KKR Exits African Investment
December 20 2017 - 7:09AM
Dow Jones News
By Imani Moise
KKR & Co. said it would sell a controlling stake in its
first African investment, one month after the firm disbanded its
Africa deal team because it couldn't find enough big companies to
buy.
Sun European Partners, LLP will buy a controlling stake in KKR's
Afriflora business for an undisclosed amount. Ethiopia-based
Afriflora, the world's largest grower of roses, became the private
equity firm's first foray into the continent when it invested about
$200 million to buy a stake in the company in 2014.
Buyout firms have looked to expand in Africa and other emerging
markets as the North American and European markets became
increasingly crowded, but some investments haven't paid off.
Last year, Bain Capital lost control of South African retailer
Edcon Holdings Ltd. to lenders in a debt-for-equity swap.
Blackstone has taken longer than expected to sell its stake in a
Uganda dam. Shares in Nigeria's Diamond Bank PLC have fallen almost
80% since Carlyle Group said it bought a $147 million stake in
2014. Atlas Mara Ltd., a vehicle set up by former Barclays PLC
Chief Executive Bob Diamond to invest in African banks, has also
stumbled with its investments.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
December 20, 2017 07:54 ET (12:54 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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