© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
BENGALURU (Reuters) – India’ UPL Ltd said on Friday U.S. investment firm KKR & Co (NYSE:) Inc and others would invest $500 million in the company’s units, as the agrochemicals maker looks to fund its expansion plans.
UPL said KKR would invest $300 million for a 13.33% stake in its unit Advanta Enterprises, which is into plant genetics research and makes seeds, at a valuation of $2.25 billion.
Separately, a unit of UAE-based sovereign wealth fund Abu Dhabi Investment Authority (ADIA), asset managers Brookfield Global Transition Fund and TPG Inc would together invest $200 million for a 9.09% stake in UPL Sustainable Agri Solutions Ltd. The unit would be valued of $2.2 billion.
UPL said ADIA and TPG would also exit the non-crop protection business of UPL Corp, the international seeds business and other global non-crop protection businesses for $241 million.
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