Kohlberg Kravis Roberts, the US private equity firm that last week revealed plans to top its own record for the world's biggest buyout, has reportedly won the race for the chip making unit of Philips Electronics with a bid of more than €8bn ($10.3bn).

KKR teamed up for the bid with Silver Lake Partners, a US private equity firm that specialises in technology investments. The pair won won the auction for Philips' semiconductor unit after fighting off bids from two rival groups, according to the Wall Street Journal.