Singapore Sovereign Wealth Fund and Blackstone Nearing Deal on Kronos

Singapore sovereign wealth fund, GIC Private Limited, and the Blackstone Group LP are in key discussions to purchase a minority stake in Kronos Inc. worth US$ 750 million for approximately 44% in equity. Massachusetts-based Kronos is a workforce management software company.

The selling parties are Hellman & Friedman LLC and JMI Equity, both private equity firms, who rejected outright takeover bids worth as high as US$4.6 billion in February. The private equity firms took Kronos private in 2007 for US$ 1.8 billion. They extracted US$ 1.5 billion in dividends from Kronos over a period of time.

Hellman & Friedman was fine with lowering the valuation of Kronos but demands that new institutional investors pay for a control premium.

The GIC is a key limited partner in Hellman & Friedman.

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