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KKR Private Equity Firm interested in NH Hoteles

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Published on 29/10/12 - Updated on 17/03/22

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According to Reuteurs, Spain's NH Hoteles has received a preliminary offer from U.S. private equity firm KKR to buy bonds that can be converted into shares of the debt-laden hotel chain.

Spanish media said KKR could invest in NH Hoteles by first acquiring a 15.7 percent stake held by the parent of nationalized lender Bankia, worth about 100 million euros, or through a capital increase, or both.NH Hoteles said in a statement that "the board has received a proposal and now they'll be analyzing it more closely." KKR co-founder Henry Kravis tipped investment opportunities in Spain due to the country's debt crisis, saying the firm was interested in companies in the financial, hotel, leisure and real estate sectors.NH Hoteles' business has been hit by recession in two of its main markets, Spain and Italy, but a deal could give KKR access to its more profitable hotels in Germany, Benelux, central Europe and Latin America.Last year, China’s HNA Group called off a deal to take a stake in NH Hoteles through a capital increase that would have given it 20 percent of the firm.

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