KKR Gets Go-Ahead for $2.38B Capsugel Deal

Private equity firm Kohlberg Kravis Roberts & Co. has been granted approval by the European Union to purchase the Capsugel unit of Pfizer, Reuters reported. KKR will pay nearly $2.38 billion for the unit, which makes hard capsules for pharmaceuticals.

(Reuters) – Private equity firm KKR & Co won EU approval on Tuesday to purchase drugmaker Pfizer’s Capsugel unit for close to $2.38 billion.

Capsugel, the world’s largest maker of hard capsules, made about $750 million in revenues last year.

The European Commission, the EU competition watchdog, said its investigation showed the deal would not hamper rivals.

“No horizontal overlaps arise from the transaction since neither KKR nor any company that it controls are active in the same field as Capsugel,” the Commission said in a statement.

(Reporting by Foo Yun Chee)