KKR moves a step closer to US flotation
KOHLBERG Kravis Roberts (KKR), the private equity firm co-founded by “buyout king” Henry Kravis, yesterday secured agreement for a merger with its affiliated private equity fund KKR Private Equity (KPE).
The KPE board accepted the merger offer, initially made in June, taking Kravis’ KKR a step closer to its eventual goal of a becoming a New York Stock Exchange-listed company.
The terms of the deal have been boosted, the firm said, and KPE shareholders will now be given a 30 per cent stake in KKR immediately.
KKR would form part of KPE, which is listed on the Euronext Amsterdam stock exchange, taking it closer to following rival Blackstone in becoming New York listed.
KKR also provided an update on its profit outlook yesterday, saying earnings for the second quarter were expected to be between $345m (£209m) and $370m. It also said assets under management to the end of June are now thought to be $50.8bn, a seven per cent rise from the $47.3bn figure issued in May.