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KKR sells stake in Norwegian software company Visma for $1.8 billion: source
June 28, 2017 / 7:49 PM / a month ago

KKR sells stake in Norwegian software company Visma for $1.8 billion: source

(Reuters) - Private equity company KKR & Co LP (KKR.N) has sold its entire stake in Norwegian software company Visma for 1.4 billion pounds ($1.81 billion) to a group of investors that includes Singaporean wealth fund GIC, a source familiar with the matter said.

KKR will get a 3.2 times return on its investment from the stake sale, the source said, without disclosing the size of the stake KKR had in Visma.

GIC had bought a 12 percent stake in Visma, the source said, but had no further details. UK private equity group HgCapital (HGT.L), which has an existing stake in Visma, will hold 45 percent equity in the web-based services business.

KKR, Visma, and GIC were not immediately available for comment.

Visma's revenue has grown from 4.2 billion Norwegian krona in 2010 to 7.9 billion Norwegian krona in 2016, according to the company's annual figures .

KKR & Co made a $1.66 billion takeover approach for Australia's embattled No. 4 internet company Vocus Group Ltd (VOC.AX) this month.

GIC Private Limited sold its roughly 3.4 percent stake in Swiss dental implant maker Straumann (STMN.S) in May.

Reporting by Parikshit Mishra in Bengaluru; editing by John O'Donnell and Susan Thomas

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