KKR Set to Bag Billions After Decade-Long Grind With First Data

KKR & Co. refused to give up on First Data Corp. after its massive leveraged buyout of the payments processor at the top of the market in 2007.

Now, more than a decade later, the wager is poised to reap the firm and its co-investors at least $4 billion, according to calculations by Bloomberg.

Fiserv Inc. agreed to buy First Data in a $22 billion all-stock deal announced Wednesday, boosting the target’s shares by 18 percent. A KKR affiliate will own 16 percent of the combined payments giant, worth $8.3 billion through Jan. 15, and has no plans to sell ...