H.I.G. Capital To Acquire KKR's RBmedia For Undisclosed Sum

(RTTNews) - Investment firm KKR & Co. Inc. (KKR) said on Wednesday that an affiliate of H.I.G. Capital will buy RBmedia an audiobook publishing company.

The financial details of the transaction have not been divulged.

KKR has invested in the company since 2018 and the company grew its catalog to 66000 audiobooks from 31000 and expanded its distribution channels.

According to KKR during this period RBmedia also experienced five years of double-digit revenue growth.

Aaron Tolson, Managing Director at H.I.G. said, "The audiobook market is set for significant growth and investment in the coming years."

The acquisition is expected to close by fourth quarter of this year.

In pre-market acitivty, shares of KKR are trading at $60.65 down 0.46% on the New York Stock Exchange.