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KKR has selected UBS as lead arranger for a debt package backing its proposed acquisition of VMWare’s end-user software business, according to 9fin sources.

The proposed debt package includes a term loan potentially in excess of $2.5bn, and is underwritten on EBITDA in the mid-to-high $500m region, according to the sources.

The end-user business is among a group of assets that Broadcom has looked to sell after acquiring VMWare last year. These asset sales are part of sweeping changes as VMWare is integrated, including new license structures and the closure of a partner program.

While UBS is set to be lead arranger for KKR’s proposed financing package for the acquisition, Jefferies and KKR Capital Markets will share the underwrite, the sources said.

Spokespeople for KKR and UBS declined to comment, while representatives at Broadcom and Jefferies did not respond to requests for comment.

The auction for the end-user business, which provides remote-desktop software, has been hotly contested. According to a Bloomberg report last month, bidders have included Thoma Bravo and EQT as well as KKR.

Competition to finance the asset has also been intense, with private credit firms pitching hard to provide debt as well as multiple investment banks, sources said.

The expectation that interest rates will fall this year has put banks in a good position to win deals over recent weeks. This trend helped KKR get lower interests costs on the debt backing its acquisition of Cotiviti, which banks began syndicating last week.

KKR picks UBS to lead financing for VMWare asset bid

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KKR picks UBS to lead financing for VMWare asset bid

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