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KKR to acquire Northgate Information Solutions21/12/2007. Source: AltAssets. 
 The boards of NIS Acquisitions, a vehicle formed by Kohlberg Kravis Roberts, and Northgate Information Solutions have agreed on the terms of a recommended acquisition of Northgate at a price of 95 pence in cash for each Northgate share, valuing the entire issued and to be issued share capital of Northgate at approximately £593m.
The price of 95 pence per share represents a premium of 40.5 per cent to the average closing price of 67.6 pence per share for the month ended 11 December 2007, the last business day prior to Northgate's announcement that it had received an approach which may or may not lead to an offer for the company.
Northgate provides specialist software, outsourcing and IT services to the human resources, local government, education and public safety markets. The company employs 6,490 staff and operates in 46 countries across five continents.
KKR partner Todd Fisher said, 'Kohlberg Kravis Roberts is delighted that the board of Northgate has unanimously agreed to recommend our offer. We have significant experience in the technology services sector and look forward to working with Northgate's management team to address the numerous opportunities to grow Northgate into a leading international provider of software solutions and outsourcing services to the human resources and public sector markets.'
KKR has offices in New York, Menlo Park, San Francisco, London, Paris, Hong Kong and Tokyo.
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