Confirming an earlier report, KKR & Co. agreed to acquire a majority stake in full-service payment provider heidelpay Group from AnaCap Financial Partners LLP.
Details of the transaction, which is expected to close in the first quarter of 2020, were not disclosed.
KKR said it will expand heidelpay's market share both organically and through strategic M&A. The investment will be made through KKR's European Fund V.
Founder and CEO Mirko Hüllemann and other key managers will remain as long-term shareholders.
The Financial Times reported that KKR beat out other private equity firms like EQT AB and Nordic Capital, offering more than €600 million to AnaCap Financial for the transaction.