A coalition of private equity firms, including KKR took over German telecom company Tenovis in 2000. Within two years of purchasing the company, they laid off 3500 of the 8000 workers and forced many of the remaining workers to accept a 12.5% pay-cut in exchange for the ‘right’ to keep working. KKR bought the company for US$400 million and sold it for more than 50% more: $635 million.

• BROWSE / IN TIMELINE
• » CASE STUDY 1: Boots (the pharmaceutical, health and beauty retailer)

• BROWSE / IN case study
• » CASE STUDY 1: Boots (the pharmaceutical, health and beauty retailer)