KKR sells Kingston shares

KKR has reduced its stake in Kingston Communications, with UBS Warburg placing 114.3m shares worth £74.3m.

The sale was conducted through KKR investee company Demag Holding, and KKR will retain a 1.5% share in Kingston, a UK communication company.

Demag acquired the stake in November 2004 when KKR sold network company Omnetica to Kingston in a £169m deal. The stake was worth £70m.

Johannes Huth, head of KKR’s European operations is to resign his position as a director of Kingston following the share disposal.