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Blackstone, GIC invest $750m in Kronos

21 Feb 2014

people_crowd1Private equity major Blackstone and Singapore sovereign wealth investor GIC have bought a minority stake in human resources software business Kronos for $750m.

It was previously reported that Blackstone and GIC were looking to buy a 40 per cent stake for $750m in Kronos, which was bought by private equity firms Hellman & Friedman and JMI Equity in 2007.

KKR, TPG Capital and Bain Capital have also reportedly showed interest in the business.

Hellman & Friedman and JMI have extracted dividends of over $1.5bn over their six-year ownership, having invested only $753m in equity.

In 2013, Kronos arranged a $490m dividend recapitalisation.

Blackstone senior managing director Chinh Chu said, “Kronos has the unique combination of industry leadership and expertise, entrepreneurial spirit, market-leading products, and a loyal customer base.

“The company has tremendous potential and we are excited to partner with the Kronos management team on growth initiatives.”

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