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KKR and CPP buy Flextronics’ stake in Aricent

Private equity firm Kohlberg Kravis Roberts has increased its investment in Aricent, following the completion of an agreement between KKR and CPP Investment Board with Flextronics to purchase certain securities.

The transaction, valued at USD255m, closed on 16 September 2009.

“We are pleased to invest further in a company that has just reported its highest annual revenue in its history and continues to grow its customer base. This investment reflects our belief in management and the company as they continue to grow Aricent at this very important time in the communications industry,” says Sanjay Nayar, chief executive of KKR India.

Together with its initial investment in 2006, KKR entities now own 79 per cent of Aricent.

“We are pleased to invest alongside KKR in a company with an experienced management team and strong growth potential,” says Mark Wiseman, senior vice president, private investments at CPP Investment Board. “Aricent has a strong market position and an impressive client base including some of the world’s top telecommunications firms.”

Aricent is a technology and services company focused exclusively on communications.

The CPP Investment Board is a professional investment management organisation that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries.

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