KKR buys Norwegian software firm Visma

(Reuters) – U.S. buyout firm Kohlberg Kravis Roberts has bought Norway software company Visma for an enterprise value of 1.2 billion pounds ($1.88 billion) from private equity firm HgCapital, the companies said on Sunday.

HgCapital, which will retain a 17.7 percent stake in Visma, said the sale will deliver a return of 3.7 times its investment. The return is in line with its recent sales of other accounting software businesses.

Visma provides business software and process outsourcing in Scandinavia.

HGCapital Trust, the listed investment trust which invests in HGCapital deals, will realise cash proceeds of 39 million pounds from the sale, it said in a separate statement. (Reporting by Rosalba O’Brien; Editing by Louise Heavens)