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KKR, Acciona approach $2bn IPO of energy company AEI

18 Aug 2014

electricity power lines energyGlobal private equity giant KKR has reportedly hired banks to work on the IPO of Acciona Energia International.

The firm is said to have recruited JP Morgan and Goldman Sachs together with fellow shareholder Acciona, according to the Wall Street Journal, citing people familiar with the matter.

The US flotation could value AEI, comprised of Acciona’s international renewable energy assets, at around $2bn, said the sources.

Acciona announced that KKR agreed to buy a one third stake in the AEI for €417m in June this year using capital from its first Global Infrastructure Fund, which it closed on $1bn in 2012.

The buyout house was said to have reached the agreement with an eventual exit in mind, although KKR will not be using the IPO as the means to exit, according to Infrastructure Investor.

Earlier this month KKR-backed car dealer Rundong Auto Group raised $124m at its Hong Kong Stock Exchange IPO.

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