KKR to buy waste management company Viridor for $4.9 billion

KKR agreed to buy Viridor, the waste management unit of British utility Pennon Group for £4.2 billion ($4.9 billion), including assumed debt.

Why it matters: It's the largest post-coronavirus buyout so far. For KKR, comfort came from the fact that Viridor has long-term contracts with government agencies. For Viridor, which reportedly had higher offers from strategics, comfort came from the fact that the deal value isn't subject to the buyer's share price.