Henry III, Part One

24 June 2009 By Richard Beales Follow @richardbeales1

Last year, the LBO firm tried a complex deal to combine a buyout of its European listed fund with a new listing in New York. The credit crunch intervened, but the deal may have been too clever anyway. This time, KKR has settled for one step at a time and greater certainty.

This content is for Subscribers only

Context News

KKR Private Equity Investors (KPE), an Amsterdamlisted vehicle that invests in Kohlberg Kravis Roberts funds, said on June 24 that KKR had offered to buy it on new terms.

Last year, KKR offered KPE's investors 21% of a combined company and additional contingent value interests as part of a deal under which KPE would delist and the new enlarged KKR would list in New York.

The new terms would give KPE 30% of the enlarged KKR in exchange for the fund interests currently held by KPE. KPE's shares would remain listed in Amsterdam, with a restructuring and relisting of the entire enlarged KKR envisaged in the future.

KKR said that owners of 44% of KPE have said they would consent to the deal.

Email a friend

Please complete the form below.

Required fields *