US private equity firm Kohlberg Kravis Roberts is on the brink of completing its first deal in Turkey after entering into exclusive talks to acquire an 87 percent stake in a shipping company, Financial News reports.
Sources with knowledge of the negotiations said UN Ro Ro, a roll-on roll-off shipping specialist which is privately owned by 45 transport companies, could be worth as much as $1 billion (734 million).
UN Ro Ro’s chief executive Cuneyt Solakoglu said his company expects to complete the deal by the end of September after shareholders responsible for 87 percent of the company had approved KKR’s offer today, according to a Reuters report.
KKR will have one month during which to exercise the option of buying the remaining 13 percent at the same price per share.