PE firm KKR has entered the bidding process for NextGen Networks, joining rival Providence Equity Partners and Australian telco TPG Telecom in a deal which is expected to raise up to US$917m for Leighton Holdings.
KKR is the latest company looking to…
PE firm KKR has entered the bidding process for NextGen Networks, joining rival Providence Equity Partners and Australian telco TPG Telecom in a deal which is expected to raise up to US$917m for Leighton Holdings.
KKR is the latest company looking to acquire the Australian construction company’s telecoms assets, according to a source familiar with the process cited by Reuters today.
In September, Leighton Holdings launched a strategic review of its key telecoms asset NextGen Networks, as well as of its Metronode and Infoplex assets, saying at the time that it was considering selling them off.
NextGen owns and operates a fibre optic network, Metronode owns data centres and Infoplex offers cloud computing services.
Citigroup analysts have estimated that the sale could bring in up to A$870m (US$917m) for Leighton, while Morgan Stanley expected a price between A$625m (US$660m) and A$750m (US$791m), according to media reports.
Macquarie Capital is advising Leighton on the sale.