KKR boosts renewable power presence with $2.2 billion deal for ContourGlobal

(Reuters) -U.S. private-equity agency KKR has agreed to purchase London-listed energy technology firm ContourGlobal for 1.75 billion kilos ($2.16 billion) in an effort to increase its presence in renewable power.

Below the deal introduced on Tuesday, KKR can pay 263.6 pence for every share of ContourGlobal. That represents a 36% premium to the corporate’s closing worth on Monday.

ContourGlobal, which operates 138 thermal and renewable energy crops throughout Europe, Latin America, North America and Africa, will suggest that its shareholders settle for the provide, KKR mentioned.

The corporate will add to KKR’s infrastructure investments that span industries equivalent to renewables, utilities, transportation, water and communications.

“KKR believes it may well help ContourGlobal … which goals at a significant 40% discount of CO2 emissions depth by 2030, and to be net-zero carbon by 2050,” the private-equity powerhouse mentioned in an announcement.

($1 = 0.8089 kilos)

(Reporting by Sinchita Mitra in Bengaluru; Enhancing by Aditya Soni)