Private equity pioneers KKR, the original ‘Barbarians at the Gate,’ want stakeholders to believe they are doing them a huge favor by offering £2billion for British infrastructure giant John Laing.
As with so many recent private equity deals for FTSE 250 companies, the premium to the current share price of 33 per cent looks generous.
But when one takes account of the hit from Brexit and the pandemic, the discount starts to look much thinner.
By ALEX BRUMMER
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