KKR's Shitty Deals

Jon Moulton, of buy-out specialists Alchemy, pointed to the even more disastrous Euro 8.5 billion takeover of a German company which owned the broadcaster ProSiebenSat.1. That deal was also done by KKR and Permira.

The debt issued to pay for this takeover is now trading for five cents on the euro meaning, according to Moulton, that "the market is betting they are not even going to make a single interest payment."

Moulton told a conference in London that the debt issued during the private equity takeovers of the ten biggest European deals is trading at less than 60 per cent of its value.

That included the debt issued during the takeover of Boots - yet another deal led by KKR.