Crossroads

At the intersection of technology, finance and the Pacific Rim.

Monday, July 20, 2009

KKR

KKR has moved closer to going public on the NYSE as it is merging with its Amsterdam affiliate. The Deal Blog of the NY Times explains:

Kohlberg Kravis Roberts, the private equity firm, announced early Monday that it had reached a deal to merge with a European affiliate, giving it an Amsterdam listing and the option to later pursue a public listing in New York, The New York Times’s Michael J. de la Merced reported.

The independent directors of the affiliate, KKR Private Equity Investors, also known as K.P.E., approved the proposal, Kohlberg Kravis said in a statement. It ends a two-year effort by Kohlberg Kravis to go public, a move stymied by the turmoil in the credit markets that erupted last autumn.

Kohlberg Kravis also said that it expected to have earned $345 million to $370 million for the three months ended June 30, on $50.8 billion in assets. That represents a 16 percent drop in assets under management from the same time a year ago. For the six months ended June 30, 2008, Kohlberg Kravis lost nearly $12 million, under a measure it calls economic net loss, which excludes certain accounting charges.

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