First Data Corporation

exited

Financial Technology — KKR

Deal Terms

Entry Year2007

Entry EV$29.8B

Entry Multiple10x

Leverage7x

Debt Amount$22B

Outcome

Exit Year2019

Risk Metrics

LTV (est.)74%

Debt / EV0.74x

Notes

KKR $29.8B LBO (2007) — one of the largest ever. $22B+ debt. Payment processing company. IPO'd 2015 at reduced valuation. Fiserv acquired for $22B (2019). KKR ultimately made money but it took 12 years and the debt load constrained growth for a decade. Paid $400M+ per year in interest.

Sponsor

KKR & Co.$638B AUM

Hot Potato History

1992→Public Market (spun from American Express)

2007→KKR($29B)

2019→Fiserv (acquisition)($22B)

Acquired by Fiserv for $22B in 2019 — below KKR's $29B purchase price. KKR made money only through dividend recaps and fees, not on the underlying business.