Flextronics, the giant Singapore company that offers electronics design services, and has major offices in San Jose, has completed the sale of its software development and solutions business to KKR and Sequoia Capital, the company said today.
Under the previously announced transaction, buyout firm KKR will own 76 percent of the unit, while Sequoia Capital, a Silicon Valley venture firm, will own 9 percent. This is an unusual sort of deal for Sequoia to get involved in, and we hadn’t noticed it until now (although perhaps not so unusual given that Sequoia has raised a separate fund, especially for these sorts of investments). The transaction values the unit at $900 million, with Flextronics retaining a 15 percent stake. That means Sequoia forked out roughly $81 million.
