OSLO, Norway, Sept. 27 (UPI) -- Visma Holding said Monday the U.S. investment firm KKR & Co. will acquire more than three-quarters of the Norwegian technology firm.
The deal for 76.9 percent of Visma values the Nordic payroll and business software firm at $1.8 billion, The Norway Post reported.
In the deal, investment firm HGCapital will continue to own 17.7 percent of Visma, while Visma's management will increase its share to 5.3 percent.
Visma said the company would operate with no discernible change in management or strategy.
"We are very satisfied with the development of Visma during our partnership with HG Capital and are please to have a prestigious global firm such as KKR as the new majority owner," company Chief Executive Officer Oystein Moan said.
KKR & Co., formerly Kohlberg Kravis Roberts and Co., has its headquarters in New York and has total assets of about $60 billion. Since its founding in 1976, the private equity firm has become widely known for its leverage buyouts, including RJR Nabisco in 1989.
