NEW YORK (AP) -- Kohlberg Kravis Roberts & Co. LP said Friday that it has agreed to acquire credit investment manager Avoca Capital, a move aimed at expanding the global investment firm's credit business in Europe.
Financial terms of the transaction were not disclosed.
Avoca, founded in 2002 and based in Dublin and London, invests in European credit markets through several types of asset classes, including loans and bonds, as well as in long- and short-term credit. The company has about $8 billion in assets under management.
That should complement KKR's existing European credit business, which has provided $2 billion in capital to companies on the continent the past two years.
The combined European credit business will have about 80 people and $11 billion in credit assets.
Avoca CEO Alan Burke will lead KKR's European credit platform. Donal Daly, Avoca's co-founder and chairman, will take on a senior advisory role.
The deal, which must be approved by regulators, is expected to close in the first quarter.
Shares in KKR added 85 cents, or 3.9 percent, to $22.86 in afternoon trading.