Loans trump equity as Pets sold to KKR

January 27, 2010 12:00 am

KKR has agreed to buy Pets at Home from Bridgepoint, putting an end to a dual track process where the sponsor was exploring the possibility of an IPO as well as an outright sale. Debt backing the acquisition is likely to be 4.5 times Ebitda, but could go higher. Meanwhile private equity firms are circling cable operator Kabel Deutschland, which has also been exploring the possibility of an IPO. The buy-out could be worth Eu5bn.

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