Siemens to Sell Metering Business and Six Other Units to U.S. Equity Firm KKR

Siemens AG said it is selling several noncore businesses, including its metering business, to U.S. private equity firm Kohlberg Kravis Roberts & Co. (KKR) for $1.69 billion.

The businesses will be transfered to a new Luxembourg-based holding company called Demag Holding in which KKR will have an 81 percent stake and Siemens a 19 percent stake, but they will be separately managed.

Siemens Metering is headquartered in Zug, Switzerland, and is a product business of Siemens' P

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