New York-headquartered private equity firm KKR is close to finalising a deal to invest around $400 million in Malaysian sub-sea cable company OMS Group, according to a Bloomberg report citing anonymous sources.
OMS could be valued at approximately $1 billion in the deal, the report said citing sources familiar with the matter .
The sources reportedly indicated that while an agreement could be reached soon, the deal has not been finalised, and there is still a possibility of delays or the deal falling through.
The funds from KKR were expected to support OMS Group’s expansion efforts.
According to Bloomberg, a spokesperson for KKR declined to comment on the matter, and OMS Group had not responded to requests for comment till the time of publication.
According to its website, OMS Group installs as well as maintains undersea cables across the Asia Pacific and has offices in Malaysia, Singapore, and Indonesia.
The company’s website said it has operated for over three decades.
Among the projects named as part of its repertoire are the Australia Singapore Cable System and the South-East Japan Asia Japan Cable System 2.