Citic, KKR control 60.2% of United Envirotech as offer goes unconditional

Singapore

THE consortium of Citic and private equity firm KKR have gained control of about 60.2 per cent of water-treatment specialist United Envirotech's (UEL) existing shares, making its takeover bid unconditional.

The news came after an active day of deals for UEL, which on Thursday announced two contract-related investments in China.

Citic and KKR had made a general offer for shares of UEL that they did not own at S$1.65 per share. UEL shares closed down half a cent to S$1.64 on Thursday.

The buyers said they will not extend the offer after it closes at the end of the business day on Apr…