Kirkland & Ellis advised KKR and Corel Corporation on a definitive agreement that will separate the Corel business into two independent companies. Under the terms of the definitive agreement, Vector Capital Management, L.P., will acquire Corel’s portfolio of creativity and productivity software and related brands. The Parallels business will remain under ownership of funds managed by KKR. Financial terms of the transaction were not disclosed. The transaction is expected to close in May 2026, subject to customary closing conditions, including regulatory approvals. Corel provides professional software for graphics, productivity and digital workflow management, with a broad portfolio of desktop and digital tools, including trusted brands CorelDRAW, MindManager, and WinZip. The Parallels business offers cross-platform and virtualization software, including the well-known Parallels Desktop, enabling businesses and individuals to run Windows applications on Mac computers, and Parallels Workspace Solutions, delivering secure virtual applications and desktops across hybrid and cloud environments. Read the transaction press release The Kirkland team included corporate lawyers Ravi Agarwal, Oliver Yee, Leo Greenberg, Robert Hausen and Scarlet Sprung; debt finance lawyers Adam Shapiro and Taylor Andrews; tax lawyers Michael Beinus, Vivek Ratnam and Jeremy Miller; and technology & IP transactions lawyers Shellie Freedman, Joanna Schlingbuam and Molly Mahowald.