KKR buys stake in French software group Cegid

FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York

PARIS (Reuters) -Private equity firm KKR has agreed to buy a minority stake in French software and computing services company Cegid in a deal that the companies said gives Cegid an enterprise value of 5.5 billion euros ($6.7 billion).

Investment firm Silver Lake will remain Cegid’s majority shareholder.

Cegid, founded in 1983 and headquartered in Lyon, registered turnover of 498 million euros in 2020.

“Today’s investment reflects our continued strategic focus on investing in leading European software businesses and on backing French tech champions in their growth journeys,” KKR executives Jean-Pierre Saad and Jerome Nomme said in a joint statement.

($1 = 0.8206 euros)

(Reporting by Sudip Kar-GuptaEditing by David Goodman)