NEW YORK (TheStreet) -- Shares of KKR & Co. (KKR) are up 1.55% to $24.94 in pre-market trade after Scotland-based, privately-owned OEG Offshore Group said that the investment firm agreed to acquire a majority interest in the energy services company, the Wall Street Journal reports.
The deal's financial details weren't disclosed.
OEG is a global provider of specialist equipment to the offshore oil and gas industry. The company said executive management would retain a "significant holding" in the company.
KKR has entered into a number of energy-sector deals recently, including agreeing last month to buy a third of the renewable-energy unit of Spain's Acciona for $563 million, with plans to later list the unit on the stock exchange, the Journal said.
TheStreet Ratings team rates KKR & CO LP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate KKR & CO LP (KKR) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, increase in net income, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."