KKR, the New York-listed private equity giant, is poised to take joint control of Zenobe, one of the UK’s leading battery storage start-ups, according to reports today.
The deal will see KKR buy a 45% stake in a transaction that values Zenobe at about £800 million, according to Sky News.
In total, the deal involves a primary and secondary share sale worth approximately £500m, said the report.
Zenobe, which recycles EV batteries, is best known as a supplier to the UK’s electric bus sector with National Express and Stagecoach among its customers.
Existing shareholders include Japanese companies Tepco and Jera.