KKR invests $500 mln in cloud storage firm Box, gets board seat

Box Inc said on Thursday private equity giant KKR & Co Inc would lead a $500 million investment in the company and get a board seat, marking an end to the cloud services provider’s strategic review.

The KKR-led investment will be executed through convertible preferred stock and comes weeks after Reuters reported Box was exploring a sale amid pressure from hedge fund Starboard Value LP over its stock performance.

The investment, which Box plans to use for share buyback, would let Starboard cash out its 7.9% stake in the company.