Contour Global’s stake surges 33% after KKR’s $ 2.2 billion offer

London — London-listed Contour Global shares on Tuesday after U.S. private company KKR agreed to buy a power company for £ 1.75 billion ($ 2.16 billion) to expand its renewable energy portfolio. It jumped up to one-third.

KKR will pay 263.6p per share of Contour Global, according to a deal announced on Tuesday. That’s a 36% premium on Monday’s closing price for the company.

The 33% surge in early European trading on Tuesday brought stocks to the highest level since August 2018.