KKR,the New York private equity company which led the consortium which bought NXP in 2006,is said to be buying$622m worth of Renesas shares,according to Japan's Nikkei newspaper.In accordance with the private equity industry's normal practice of dismembering the companies it buys,KKR is said to have already recommended the spinning out of the Renesas SoC business.Whether this is a precondition for the investment or not is not known.Renesas is 90%owned by Hitachi,Mitsubishi and NEC but its shares are so lowly rated that the company has a market cap of only$1.7bn.So a$620m investment would,on the face of it,buy a sizable chunk of the company.In the six years during which KKR has owned NXP,the Dutch company has not grown at all.
Source:
http://www.electronicsweekly.com/Articles/2012/06/25/53966/kkr-may-invest-620m-in-renesas.htm
