Pharmaceutical giant Pfizer ( PFE) announced today that it is going to sell its Capsugel division to Kohlberg Kravis Roberts ( KKR), the private equity firm.
The same Capsugel deal today, Kravis said, would have a cost of capital near 9%, a reflection of the late-summer weakness in equity markets and window closing in the high-yield market, which moves on a hair trigger in turbulent times.