MADRID (Reuters) – U.S. private equity group KKR [KKR.UL] is planning a bid for Abengoa’s (ABG.MC: Quote, Profile, Research, Stock Buzz) Nasdaq-listed technology unit Telvent GIT (TLVT.O: Quote, Profile, Research, Stock Buzz), Expansion reported on Wednesday citing sources familiar with the deal.
No one at Abengoa or KKR was immediately available for comment.
Other private equity firms including Permira and Carlyle are also studying a possible bid for Telvent, in which Abengoa holds a 62 percent stake, Expansion said.
The price of the majority stake, which Expansion says Abengoa wants to sell to reduce its debt and finance its alternative energy ventures, is a sticking point in the talks as Telvent has lost over two thirds of its value so far in 2008, the paper said. (Reporting by Jonathan Gleave; Editing by David Holmes)