Private equity firm KKR & Co LP agreed to acquire car and property claims software firm Mitchell International. KKR said it would buy the company from Aurora Capital Group. This was according to an issued statement from KKR last Thursday.
Last month, Reuters had reported that KKR would buy Mitchell. This was after another report cited the private equity to be among firms vying acquisition for Mitchell. Aurora was hoping to get about USD1.5 billion from the sale of Mitchell International.
Both KKR and Aurora Capital did not disclose any information regarding financial details. However, two people who were familiar with the matter said that KKR would pay lower than the expected USD1.5 billion. Sources asked not to be named as the matter was held private in nature.
The transaction would close in the fourth quarter of this year.
According to a statement by Herald Chen, KKR's co-head of technology investing group said, "We believe that Mitchell represents an attractive investment in a market leader in an important market segment."
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