KKR will make three minority investments in Associated-owned businesses according to the Wall Street Journal, which cited people familiar with the matter.
It said KKR could also contribute more funds to the companies following the initial investment.
Associated is currently attempting to upgrade wireless systems in rural areas, which generally lag behind those in urban areas in terms of data handling capacity, Reuters added.
Last week KKR revealed it had raised $8.3bn for its flagship North American fund, ahead of its fundraising target range of $7bn to $8bn.
North American XI received $800m of commitments from in the last four months, the firm’s head of global capital Scott Nuttall said during a conference call.
He added that the firm expected to secure “a handful of final commitments” before the end of the year, and that KKR currently has more than $17bn of dry powder.
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