KKR & Co has entered into an agreement to sell Intelligence Holdings for 68 billion yen or US$721 million. The buyer is Temp Holdings and the price paid is double the price that US buyout firms had paid for the firm back in 2010.
Currently, Intelligence Holdings has the equity value of 51 billion yen which is an increase from 32.5 billion yen at KKR's purchase. The exit of the private equity firm is in line with the increase in Japan's contribution to overall private equity investments in Asia. Another private equity firm that has divested its shareholdings is the Carlyle Group with its sale of US$214 million worth of shareholdings in Broadleaf, the auto parts supplier.
KKR purchased Intelligence from Usen Corp of Japan back in 2010 at 35 billion yen when the Japanese corporation was selling off its non-core assets. There is stiff competition though faced by private equity firms as there are assets from state backed funds.
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