City A.M. Reporter
PRIVATE equity firm Kohlberg Kravis Roberts (KKR) said yesterday it plans to merge into its Amsterdam-listed fund, which will remain listed on the Euronext exchange, as it kept the door open for a proposed listing in New York.<br /><br />KKR’s plans to follow in rival Blackstone’s footsteps and become a publicly traded, NYSE-listed company were originally launched in July 2007, just before the markets started to tumble.<br /><br />KKR, one of the world’s most powerful private equity firms, had planned a traditional initial public offering. But it later proposed to combine with its Amsterdam fund, KKR Private Equity Investors (KPE), delist from Amsterdam and list in New York.<br /><br />Under the deal proposed yesterday, KKR plans to keep the Amsterdam fund listing, changing previous plans to delist it.<br /><br />It retreated from definite plans to list in New York, but kept the door open for such a move, saying it had the ability to seek a listing in the future. The firm formally withdrew its previously filed initial public offering plans.<br /><br />A source close to the company said KKR remains very eager to pursue the NYSE listing. The source said the new proposal gives it more freedom to choose the timing.<br /><br />Under the new proposal, KKR would buy the assets of KPE and the fund would remain listed in Amsterdam. KPE would own 30 percent of the combined business.