$KKR

KKR (NYSE: KKR) and TotalEnergies agreed to expand their U.S. renewables joint venture by adding a $1.2 billion solar portfolio, increasing the partnership's total U.S. renewable capacity to 2.1 GW. The deal, set to close in 2026, adds 700 MW of utility-scale solar capacity. KKR is a private equity firm with a focus on infrastructure and energy assets.

Saudi Arabia faces Houthi attacks on oil infrastructure, impacting Brent prices near $105/barrel. Shell (SHEL) acquires 30% in Equinor's Bay du Nord project. Chevron (CVX) finalizes an offshore deal in Egypt. Motor Oil Hellas (MOH) reports a fatal incident at its Corinth refinery. ENI (ENI) divests part of its ownership in Indonesia. TotalEnergies (TTE) expands renewables JV with KKR (KKR).

KKR & Co. Inc. (KKR) agreed to acquire Gen II Fund Services for $5.1 billion, including debt, from Hg, General Atlantic, and other investors. Gen II provides services to private-market managers, serving over 275 firms with $2 trillion in capital. The acquisition aims to expand KKR's private equity portfolio and is expected to close in 2027. KKR plans to invest in Gen II's technology and AI solutions, but the deal's financial returns and costs remain uncertain.

Michael Burry warns of potential trouble in private-market credit, citing valuation concerns and insurer exposure. He notes rising interest rates could pressure AI infrastructure projects. Burry has taken bearish positions in MetLife and AI-related stocks. Private credit funds have seen increased withdrawal requests and reduced lending, with potential defaults projected at 8%. Insurers hold significant private credit, and AI-related lending has surged.

Vodafone and KKR are considering a full takeover of Inwit, the telecom tower operator. The deal may involve Abu Dhabi's Mubadala to reduce reliance on debt. Telecom Italia and Fastweb's contract renegotiations could impact Inwit's cash flow predictability, affecting the deal's financing.

KKR has banned non-compete clauses for US portfolio company employees earning under $100,000 annually, aiming to boost competitiveness and worker mobility. The policy, confirmed by co-head Pete Stavros, applies to new and existing agreements and may expand to higher-paid staff. KKR's portfolio employs over 800,000 people, and the firm also offers an ownership program sharing sale proceeds with non-executive staff.

KKR & Co. removed non-compete restrictions for US employees earning under $100,000 across its portfolio, citing potential wage suppression. The firm plans to expand this policy and has encouraged portfolio companies to review existing agreements. This move aligns with broader efforts to improve worker engagement and retention, including an employee ownership program that has distributed over $2 billion to 40,000 employees.

KKR is ending non-compete agreements for workers earning less than $100,000. This move may increase payroll costs for KKR-owned companies, potentially squeezing EBITDA margins. Higher wages could impact private equity returns, requiring higher sale prices to meet exit targets.

KKR delayed its tender offer for Taiyo Holdings (4626.T) from early October to late November 2026 due to pending regulatory clearances in China and Japan. The offer, announced in March, is for ¥4,750 per share, aiming to delist the company. KKR cited incomplete procedures under competition laws and investment regulations as the reason for the postponement.

Telefónica and KKR are selling Chile’s OnNet Fibra, with KKR owning 60% and Telefónica 40%. The sale could reshape their exposure to Chile’s fixed-line market and free up cash. A €1.8 billion price tag could set a valuation benchmark for Latin American digital infrastructure.