An affiliate of investment bank Goldman, Sachs & Co along with buyout firm Kohlberg Kravis Roberts & Co will acquire Siemens Nixdorf, a German provider of IT solutions and services for the retail and banking industries, for $800 million. The company will be renamed Wincor Nixdorf.
Siemens Nixdorf, a subsidiary of Siemens AG in Munich, is the fourth-largest provider of automated teller machines and third-largest provider of point-of-sale systems.
When Siemens reorganised last year and its products division was merged with Fujitsu, terms of the agreement called for Siemens to get rid of its Siemens Nixdorf unit, officials said KKR, one of the world's largest and most active management-buyout specialists, will own the majority of Siemens Nixdorf. Goldman, Sachs' private equity investment fund, GS Capital Partners, will own the remainder of shares.
No jobs are expected to be lost in the acquisition, according to Jeff Soisson, Siemens Nixdorf's vice president of marketing. Siemens Nixdorf has 3,400 employees in 21 locations worldwide. Officials said the deal should be completed by December.