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Siemens, KKR ink deal
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October 22, 1999: 4:42 a.m. ET
KKR and Goldman Sachs acquire ATM-maker Nixdorf
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LONDON (CNNfn) - U.S. investment firms Kohlberg Kravis Roberts and Goldman Sachs Friday agreed to pay 1.44 billion marks ($794 million) to acquire Siemens' retail and banking systems business.
The Siemens Nixdorf sale is part of an enormous "ten-point" restructuring that the German electrical giant announced late last year. Leveraged buyout firm KKR will be the majority shareholder in the unit.
Nixdorf, to be renamed Wincor Nixdorf, has 3,400 employees and generated annual revenue of 2.6 billion marks last year. Nixdorf ranks number three worldwide in terms of electronic point-of-sale machines for retailers, and is the fourth biggest seller of automated teller machines.
Siemens stock gained almost 2 percent to 80.3 euros in Frankfurt trade.
"The purchase by internationally renowned private equity firms is an excellent basis for the successful autonomy of Wincor Nixdorf," according to Siemens chief executive Heinrich von Pierer.
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Siemens
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