Kohlberg’s Buyout of Smart Metering Faces Hurdles

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kohlbergs buyout halted

In a twist of events, the £1.3 billion ($1.6 billion) buyout bid led by U.S. investment powerhouse Kohlberg Kravis Roberts & Co. LP (KKR) for Smart Metering Systems PLC faces a substantial delay, extending until at least January 22. The Scottish energy infrastructure firm revealed the postponement on Friday, leaving investors and industry insiders on edge.

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kohlberg’s buyout halted : Sienna Bidco Ltd. Unveils Cash Offer Amidst Legal Guidance

Sienna Bidco Ltd., an entity masterminded by KKR for this transaction, set the stage by unveiling an all-cash offer for Smart Metering on December 7. Legal stalwart Simpson Thacher & Bartlett LLP, spearheaded by partners Amy Mahon, Clare Gaskell, and Étienne Renaudeau, is steering KKR through this intricate journey.

At the helm of Sienna’s debt financing strategy is Kirkland & Ellis LLP, marshaled by debt finance virtuosos Sinead O’Shea and Jia Meng. Providing counsel to Smart Metering is Hogan Lovells, led by partner Patrick Sarch, while Burness Paull LLP guides the infrastructure company through the labyrinth of Scottish law.

Smart Metering Postpones Decision as Tensions Mount

Smart Metering acknowledged considering the offer terms “fair and reasonable.” However, the company decided to adjourn a crucial January 9 general meeting, citing the need to thoroughly evaluate the KKR proposal. This delay, intended to afford shareholders “further time to consider the scheme,” adds a layer of perplexity to an already intricate deal.