KKR helps First Data to $3.5bn

PRIVATE equity firm KKR will lead a $3.5bn (£2.05bn) equity injection into First Data to help the group with its multi-billion dollar debt mountain.

KKR will inject $1.2bn into the group while $300m will come from existing investors and the rest from new shareholders.

KKR took First Data, US-based payments processor, private in 2007 for $29bn.

The cash will be used to alleviate debt payments by the group.