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KKR acquires Siemens Nixdorf
Kohlberg Kravis Roberts & Co. L.P. and GS Capital Partners III, L.P agreed to acquire 100 percent of Siemens Nixdorf Retail and Banking Systems GmbH, a subsidiary of Siemens AG, with economic effect as of Oct. 1, 1999. KKR, one of the world's largest and most active management buyout specialists, will own the majority of Siemens Nixdorf. GSCP is a private equity investment fund affiliated with the global investment bank Goldman, Sachs & Co. The business will be renamed Wincor Nixdorf and will operate as an independent entity. The acquisition is subject to anti-trust approval and certain other conditions. The purchase price is $800 million. "Siemens Nixdorf represents a unique opportunity to acquire an established business with excellent management and attractive growth prospects. We are very impressed with the current management's achievements, and we look forward to working with them to grow this business on an international scale," said Ned Gilhuly, managing director of KKR in London. With more than 3,400 employees and 21 subsidiaries worldwide, Siemens Nixdorf ranks third worldwide in electronic POS systems for the retail sector and fourth worldwide in ATMs.
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