Kohlberg Kravis Roberts & Co. Inc. (KKR) is a leading global investment firm founded in 1976, headquartered in New York City. With over $638 billion in assets under management as of early 2025, KKR operates across private equity, credit, infrastructure, real estate, and insurance sectors. Known for pioneering the leveraged buyout (LBO) model, KKR has evolved into a diversified investor with a significant presence in infrastructure and technology.
Historical M&A Activity: Notable Deals
KKR has executed numerous significant mergers and acquisitions over the years. Below is a selection of notable deals from 2000 to 2023:
| Year | Target Company | Deal Value (USD) | Sector |
| 2004 | Toys “R” Us | $6.6B | Retail |
| 2006 | HCA Healthcare | $31.6B | Healthcare |
| 2006 | NXP Semiconductors | €6.4B | Semiconductors |
| 2006 | TDC A/S | €12.2B | Telecommunications |
| 2007 | TXU (Energy Future Holdings) | $44.37B | Energy |
| 2007 | First Data Corporation | $29B | Financial Services |
| 2007 | Alliance Boots | £12.4B (~$24.8B) | Retail/Pharmaceuticals |
| 2007 | Biomet | $11.6B | Medical Devices |
| 2013 | Panasonic Healthcare Co. | $1.67B | Healthcare |
| 2014 | Sedgwick Claims Management Services | $2.4B | Insurance Services |
| 2014 | Acciona Energy (One-third stake) | €417M (~$567M) | Renewable Energy |
| 2014 | Fujian Sunner Development | $400M | Agriculture |
| 2015 | TheTrainline.com | Undisclosed | Transportation |
| 2016 | Cardenas and Mi Pueblo (Hispanic grocery chains) | Undisclosed | Retail |
| 2018 | RBMedia | Undisclosed | Publishing |
| 2019 | Arnott’s (from Campbell Soup Company) | $2.2B | Food & Beverage |
| 2019 | Axel Springer (43.54% stake) | $3.2B | Media |
| 2022 | ContourGlobal | £1.75B (~$2.2B) | Energy |
| 2023 | Simon & Schuster | $1.62B | Publishing |
| 2023 | FGS Global (Majority stake) | $1.7B | Communications |
These deals reflect KKR’s strategic focus on sectors such as technology, healthcare, infrastructure, and renewable energy.
Divestitures and Exits
KKR has also been active in divesting certain assets to optimize its portfolio:
- In November 2024, KKR reduced its stake in financial software maker OneStream through a secondary offering.
- In December 2024, KKR sold its stake in Westbrick Energy Ltd., a Canadian energy company.
- In September 2024, KKR exited its investment in GeoStabilization International, a geotechnical services firm.
These divestitures demonstrate KKR’s approach to realizing returns and reallocating capital to strategic growth areas.
Recent M&A Deals 2024–2025: Performance and Analysis
KKR’s recent M&A activities have shown a strategic emphasis on infrastructure, technology, and healthcare:
- OSTTRA Acquisition: In April 2025, KKR agreed to acquire OSTTRA, a post-trade services firm, for $3.1 billion. This move enhances KKR’s presence in financial technology and post-trade services.
- Biotage Acquisition: KKR made a $1.22 billion offer for Swedish biotech company Biotage in April 2025, aiming to strengthen its position in the life sciences sector.
- Fuji Soft Acquisition: In August 2024, KKR announced plans to acquire Japanese IT services firm Fuji Soft for approximately $3.8 billion, reflecting its commitment to digital transformation in Asia.
- Perpetual’s Wealth & Trust Units: KKR agreed to acquire these units from Australian asset manager Perpetual Ltd. for $1.43 billion in May 2024, expanding its financial services footprint in the Asia-Pacific region.
- Assura plc Acquisition: In April 2025, KKR, along with Stonepeak, had its £1.6 billion bid for UK healthcare real estate company Assura plc accepted, marking a significant investment in healthcare infrastructure.
These acquisitions align with KKR’s strategic focus on sectors with long-term growth potential and resilience.
Some of other deals worth mentioning:
| Year | Target Company | Deal Value (USD) | Sector |
| 2025 | Enilive (additional 5% stake) | €587.5M | Renewable Energy |
| 2024 | End-User Computing Division of Broadcom | $4.0B | Technology |
| 2024 | Karo Healthcare | €2.6B | Healthcare |
| 2024 | Superstruct Entertainment | Undisclosed | Entertainment |
| 2024 | Datagroup SE | Undisclosed | IT Services |
| 2024 | The Parking Spot | Undisclosed | Transportation |
| 2024 | Rebel Foods | Undisclosed | Food Services |
| 2024 | CLEAResult Consulting | Undisclosed | Energy Efficiency |
| 2024 | GeoStabilization International | Undisclosed | Infrastructure |
Strategic Decisions and Rationale
KKR’s M&A strategy reflects a deliberate focus on sectors poised for growth and transformation:
- Infrastructure Investments: Acquisitions like AEP’s transmission stake and Assura plc underscore KKR’s commitment to infrastructure, aiming to capitalize on stable, long-term returns.
- Technology and Digital Transformation: Deals involving OSTTRA, Fuji Soft, and the End-User Computing Division of Broadcom highlight KKR’s investment in digital infrastructure and services.
- Healthcare and Life Sciences: The acquisition of Biotage and Karo Healthcare demonstrates KKR’s focus on the growing healthcare sector.
- Renewable Energy: Increasing its stake in Enilive aligns with global trends toward sustainable energy solutions.
These strategic decisions are driven by KKR’s objective to invest in sectors with strong growth prospects, technological innovation, and societal impact.
KKR’s M&A activities from 2000 to 2025 reflect a strategic approach to investing in sectors that offer long-term value and align with global economic and technological trends. By focusing on infrastructure, technology, healthcare, and renewable energy, KKR positions itself to capitalize on transformative shifts in the global economy.