KKR group to buy Toys R Us for US$5.7bil


NEW YORK: Kohlberg Kravis Roberts & Co (KKR) and Bain Capital have teamed up with Vornado Realty Trust to buy struggling retailer Toys R Us Inc for about US$5.7bil, beating out a bid from rival private equity firm Cerberus Capital, the Wall Street Journal reported. 

The sale of the whole company, at a premium of 10% to its latest market value of US$5.2bil, comes as a surprise after a hotly contested seven-month auction of the retailer’s toy business. 

Last summer, under pressure from powerful competitors like Wal-Mart Stores Inc, Toys R Us had put its toy business up for sale and planned to focus on its faster growing Babies R Us stores, which sell infant clothes, linens and furniture. 

Bain and Vornado originally teamed up to submit a bid for just the toy store chain. The link with buyout giant KKR came only this week after Toys R Us asked suitors to revamp their offers and bid for the entire company, a source familiar with the situation said. – Reuters  

Latest business news from AP-Wire

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

China's power crunch dwarfs Evergrande's troubles in investors' eyes
AEON Credit Q2 net profit up 46% to RM75.5mil
MRCB buys out George Kent's stake in LRT3 project joint venture�
Tropicana posts higher property sales in Q2�
PAAB may face cash flow deficit of up to RM235mil - Audit
Boustead Plantations sells Kulai estate to SIPP Power for RM428.8mil�
Bursa Malaysia ends at intra-day high on continuous buying support
NPC withdraws offer to sell estates in Sabah to IOI Corp�
Audit: SilTerra advised to reduce wafer scrap rate, operating expenses
S&P: Delta, defaults and China reset rattle AsiaPac credit conditions

Stories You'll Enjoy


Vouchers