KKR’s EGC Said Near Acquisition of BayWa Heat-Generation Plants

KKR & Co.-backed energy services firm EGC is close to buying a heat-contracting portfolio from BayWa AG, according to people familiar with the matter, a deal that’s a small step in the restructuring of the embattled German commodity conglomerate.

A transaction could be announced as soon as Thursday and value BayWa Energie Dienstleistungs GmbH at less than €100 million ($115 million), the people said, asking not to be identified because the information is private.

A representative for KKR declined to comment. A spokesperson for BayWa had no immediate comment.

BayWa operates heat-generation plants at 52 locations that produce ...