Slash and burn: is private equity out of control?
GuardianOCT 2024
KKR Acquires Australian Power Producer Zenith Energy
Above: A photo illustration of the KKR & Co. Inc. logo on a smartphone screen, on April 26, 2025. Image copyright: Cheng Xin/Getty Images
The Spin
Narrative A
KKR's investment in Zenith Energy is a smart acquisition that will revolutionize the company. The investment, combined with the capital Zenith has raised through refinancing and restructuring its existing bank debt facilities, will provide Zenith with the funds it needs to service large-scale infrastructure projects and growth — enabling the company to explore new opportunities, especially in mining.
Narrative B
Deals like this highlight concerning trends in private equity's infrastructure grab. While the acquisition may benefit Zenith's growth, it places key national infrastructure in the hands of a firm with neither a sense of social responsibility nor attachment to Australia. In doing so, deals like this turn infrastructure from a public good into a source of profits, usually at the expense of working people.