PRINT THIS PAGE US buy-out giant KKR close to Legrand purchase, eyeing Siemens assets24/07/2002. Source: AltAssets. 
 US buy-out giant Kohlberg Kravis Roberts and French group Wendel Investissement have agreed a price with Schneider Electric for its Legrand unit.
The offer values the plug and switch-maker at E3.7bn, well below initial expectations and the original price paid for the business by Schneider last year.
KKR is also reported to be in talks with German electronics and engineering firm Siemens about the E2bn purchase of a handful of non-core assets. They include Stabilus, a manufacturer of gas dampers and springs, and Gottwald, which makes mobile harbour cranes.
Both prospective transactions demonstrate KKR's determination to establish itself as a big player in the European market. The much higher levels of competition in the US market and the size of funds many of the large buy-out firms have to invest have inevitably drawn them to the European market.
Despite it being a less mature market, European deals have still been subject to intense competition. The Legrand auction featured all the big names, such as PAI Management and CVC Capital Partners. More of the same can be expected in the coming months.
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