The deal could be announced as soon as this week, said Reuters, citing three sources with direct knowledge of the situation.
Following the sale, KKR will own a 75 per cent stake in the business and assume $125m of its debt.
Alliance, which posted sales of $500m in 2012, operates two manufacturing plants in India and Israel and uses contract facilities in China and Taiwan. It also has research and development operations in India, the US and South Africa.
The company is currently present in more than 120 countries.
It was previously reported that buyout firms Advent International and TPG Capital as well as Singapore’s state-backed investor Temasek were in talks with Warburg to buy the company.
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