Global investor KKR has entered into an agreement with United Envirotech Limited (UEL), a water treatment and recycling company in China, for a US$ 40 million common equity investment. KKR subscribed US$ 113.8 million convertible bonds issued by UEL in October 2011 to support the company’s business expansion.
UEL, which provides engineering services using membrane technology to municipal and industrial wastewater treatment projects, announced on 8 January 2013 that KKR has been working with UEL to capture the attractive growth opportunities in China’s water industry.
The investment is expected to conclude by March 2013 and is subject to customary conditions, including approval from UEL’s shareholders.