Tokyo June 18, 2010 – Kohlberg Kravis Roberts & Co. (together with its affiliates, “KKR”) and Usen Corp. (“Usen”), the Tokyo-based cable broadcaster and media content provider, today announced the signing of a definitive agreement whereby KKR will acquire Intelligence Ltd. (“Intelligence”), the recruitment services subsidiary of Usen, for 32.5 billion JPY (equivalent to approximately 356 million USD at the current spot rate of 1.00 USD = 91.3 JPY).
Established in 1989, Intelligence’s three core business areas are: permanent job placement, where the company holds the second largest market share in Japan and benefits from strong recognition of its popular recruitment information and search brand, “DODA”; temporary staffing and outsourcing, with a diversified client base and particular strength in the IT sector; and, job search advertising, where the company is again number two in market share in Japan and boasts strong recognition of its “an” online and magazine-based advertising brand.
“Intelligence is a dynamic company with a highly capable and enthusiastic management team. As one of the few recruitment services firms in Japan providing such a comprehensive offering, the company is well positioned to take advantage of an anticipated upturn in economic activity. Further growth of the recruitment sector is also expected as a result of the evolving human resource needs of companies, as well as increased mobility of domestic and international labor markets due to growing awareness of career development opportunities,” said Shusaku MinodaManaging Director of KKR and Chief Executive Officer of the Firm’s Japan operations.
Hirotoshi Takahashi, Intelligence President and Representative Director said, “We are delighted that KKR supports our vision for the future of the company. Intelligence’s career consulting, staffing and outsourcing, and media operations each display considerable growth potential. By establishing a partnership with KKR, which has a proven track record of adding value through long-term partnerships with companies around the world, Intelligence expects to unlock value and strengthen the business for the benefit of all stakeholders.”
The parties expect to complete the acquisition in the end of July 2010.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global alternative asset manager with $54.7 billion in assets under management as of March 31, 2010. With over 600 people and 14 offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platforms. KKR is publicly traded through KKR & Co. (Guernsey) L.P. (Euronext Amsterdam: KKR). Established in 2006, KKR Japan’s team of twenty-five includes nine investment professionals. For additional information, please visit KKR's website at www.kkr.com
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