KKR Provides Long-term Financing to Amtek Auto, Agrees to Jointly Invest in United Envirotech with CITIC (Asia)
Global investment firm KKR has agreed to provide Singapore-based Amtek Global Technologies (AGT), a subsidiary of India-listed automotive component manufacturer Amtek Auto, with EUR235 million (approximately US$293 million) in long-term financing, intended to replace its existing bridge loan and consolidate the company’s existing debt. This facility will also act as a catalyst to help integrate Amtek Auto's existing international operations under AGT. Separately, KKR and China-based business conglomerate CITIC will make a joint offer for all the shares in Singapore-listed United Envirotech (UEL), a water treatment and reclamation solution provider. The offer price values UEL at approximately SGD1.9 billion (approximately US$1.5 billion) on a fully diluted basis. The transaction will allow CITIC to become the controlling shareholder of UEL.