KKR and KUFPEC Hone in on DEA Deal
Rumors are circulating that the Kuwait Foreign Petroleum Exploration Co. (KUFPEC), in concert with private equity firm Kohlberg Kravis Roberts & Co. (KKR), is putting out a bid for German utility RWE’s oil and gas arm DEA. Back in July 2013, Qatari public investors expressed interest in DEA but cooled afterwards.
RWE had made announcements earlier in the year that it was planning to sell DEA. The German utility is keen on cutting capital spending and reducing balance sheet debt. The other alternative was to hold onto it and invest billions in exploration and production.
KUFPEC is on a mission to increase its overseas energy portfolio. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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