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KKR to acquire Rakuten's digital reading platform OverDrive

KKR & Co. Inc. said Dec. 24 that it signed a deal to acquire OverDrive Inc., a unit of Rakuten Inc., for an undisclosed amount.

The private equity company will make the investment in OverDrive via its KKR Americas XII Fund.

The Japanese e-commerce company expects to record about a ¥40 billion gain in fiscal first quarter of 2020 from the sale of the unit.

OverDrive offers distribution services of ebooks, audiobooks, magazines and other digital media to readers around the world.

Goldman Sachs & Co. LLC and LionTree Advisors served as financial advisors, while Simpson Thacher and Bartlett served as legal advisor to KKR.