After weeks of speculation and rumor, equity firm KKR & Co. L.P. confirmed that it has acquired a controlling share of Alliance Tire Group.

While the KKR news release did not specify the terms, previous reports put the deal at $650 million, including some $125 million in debt that would be assumed.

Yogesh Mahansaria, president and CEO of ATG, will continue to maintain an ownership stake in the company, KKR said. Outside reports put Mahansaria’s share at around 10%.

“ATG is a leader in an attractive industry with strong underlying growth drivers. We are thrilled to be partnered with Yogesh and his management team and look forward to leveraging our global network to support their continued growth,” said Sanjay Nayar, head of KKR India.

Equity firm Warburg Pincus bought an 80% stake in the then-Hadera, Israel-based Alliance Tire Co. in 2007 for some $150 million. Mahansaria, former CEO of Balkrishna Tyres, bought the remaining 20%, and assumed operational management of the company.

Today, ATG’s tires are manufactured at dedicated facilities in Israel and India, with R&D facilities in Israel, India, the U.S. and South Africa. The company sells under the brand names Alliance, Galaxy and Primex, and has a distribution agreement with China tiremaker Aeolus.

“We would be delighted to have KKR as our new incoming partner,” said Mahansaria. “KKR’s investment will enable us to continue to expand into new markets, make strategic acquisitions, and help scale our global presence.”