KKR purchased a 642 million ringgit ($200 million) minority stake in Malasian offshore helicopter transportation service company Weststar Aviation Services, firm’s first investment in Malaysia, the company announced Thursday.
A KKR spokesman declined to disclose the size of the stake; a KKR news release said further terms of the transaction aren’t being disclosed.
In the news release, Ming Lu, KKR’s regional head of Southeast Asia, said trends in Malaysia’s oil and gas sector, and the broader region, convinced KKR that it could contribute to Weststar’s expansion plans. Meanwhile, Malaysia’s young demographic profile and balanced economy make that country “a key target market for KKR,” he said.
The Weststar deal represents the first investment by the KKR Asian Fund II, the record $6 billion Asia-focused private equity fund which closed in July. KKR previously announced plans for the fund to purchase an 80% stake in Tokyo-based medical equipment maker Panasonic Healthcare for more than $1 billion, but the deal has yet to close.
