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KKR & CO. L.P.

End-of-day quote. End-of-day quote Nyse - 07/05
26.85 USD   +0.64%
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KKR to sell Japanese staff agency for $721 million

03/25/2013 | 10:00pm EDT

TOKYO (Reuters) - U.S. investment firm KKR & Co LP (>> KKR & Co. L.P.) will sell Japanese temporary staffing agency Intelligence Holdings to a domestic peer, Temp Holdings (>> Temp Holdings Co., Ltd.), for 68 billion yen ($721 million) after almost doubling the value of the company.

TOKYO (Reuters) - U.S. investment firm KKR & Co LP (>> KKR & Co. L.P.) will sell Japanese temporary staffing agency Intelligence Holdings to a domestic peer, Temp Holdings (>> Temp Holdings Co., Ltd.), for 68 billion yen ($721 million) after almost doubling the value of the company.

KKR paid 35 billion yen to buy Intelligence from Usen Corp, a cable broadcaster, in 2010, its first investment in Japan with a controlling stake.

Temp Holdings will have revenue of more than 320 billion yen and more than 10,000 employees after the acquisition, which is awaiting regulatory approval, according to a statement issued by KKR, Temp and Intelligence.

Market leader Recruit Holdings made revenue of 493.4 billion yen from its staffing business in the 2011 financial year.

Intelligence, which employs about 6,000, now has equity value of 51 billion yen, up from 32.5 billion yen at a time of KKR's purchase.

($1 = 94.3400 Japanese yen)

(Reporting by Junko Fujita; Editing by Shinichi Saoshiro and Stephen Coates)

Stocks treated in this article : Temp Holdings Co., Ltd., Itochu Corp, KKR & Co. L.P.

ę Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
ITOCHU CORPORATION 0.00% 3363 End-of-day quote.13.46%
PERSOL HOLDINGS CO., LTD. -0.09% 2255 End-of-day quote.21.17%
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Managers and Directors
NameTitle
Henry R. Kravis Co-Chairman & Co-Chief Executive Officer
George Rosenberg Roberts Co-Chairman & Co-Chief Executive Officer
Joseph Yong Bum Bae Co-President, Co-COO & Director
Scott Charles Nuttall Co-President, Co-COO & Director
Robert H. Lewin Chief Financial Officer
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