KKR to bid $25.6 bln for First Data-source
(Adds details of timing, background)
NEW YORK, April 1 (Reuters) - Kohlberg Kravis Roberts & Co. [KKR.UL] plans to offer $25.6 billion for payment processor First Data Corp. FDC.N, a source familiar with the matter said, in what could become the second-largest private equity buyout.
KKR is in late stage discussions with the company about the proposal, which at $34 per share in cash represents a 26 percent premium to Friday's closing price of $26.90 per share.
A deal could be announced as early as Monday, the source said.
KKR declined to comment. A First Data spokeswoman did not return a call or email seeking comment.
With private equity firms competing hard for large buyout targets, a deal with First Data would put KKR the firm behind the top three largest leveraged buyouts.
KKR and Texas Pacific Group reached a deal in February to buy Texas Utility TXU Corp. TXU.N for nearly $32 billion in cash. KKR bought RJR Nabisco for $25.1 billion in 1988.
((Reporting by Michael Flaherty; Editing by Andrew Callus; email michael.flaherty@reuters.com; +1 646-223-6152)) Keywords: KKR FIRSTDATA/BID
(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nN01350257
