Kohlberg Kravis Roberts & Co. and GS Capital Partners III LP, an investment partnership managed by Goldman, Sachs & Co., have agreed to buy Siemens Nixdorf Retail and Banking Systems, a subsidiary of Siemens AG.
A provider of information technology to retailers and banks, Siemens Nixdorf ranks third worldwide in electronic-point-of-sale systems and fourth as a provider of automated teller machines.
The purchase price, on a debt-free basis, is $800 million, the companies said Friday. Kohlberg Kravis Roberts, one of the largest management buyout firms, will own the majority of the company. Siemens Nixdorf will soon be renamed Wincor Nixdorf.
"Siemens Nixdorf represents a unique opportunity to acquire an established business with excellent management and attractive growth prospects," said Ned Gilhuly, managing director of KKR in London. -- Ross Snel