Kohlberg Kravis to Buy First Data for $29 Billion

Kohlberg Kravis Roberts & Co. agreed to buy First Data Corp., the world's largest processor of credit-card payments, for about $29 billion in the second- biggest leveraged buyout so far this year.

KKR will pay $34 a share in cash for First Data, 26 percent more than the March 30 closing price, the companies said in a statement today. It's the highest price offered in an LBO since New York-based KKR and Texas Pacific Group agreed in February to acquire Dallas-based power producer TXU Corp. for $31 billion, plus $12 billion of assumed debt.

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- Posted: 2007-04-02 10:54:46

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