Kohlberg Kravis Roberts & Co is no longer listing on the New York Stock Exchange, instead floating on Amsterdam’s Euronext.
KKR was planning on merging with KKR Private Equity Investors, its Euronext-listed private equity fund, and then float the combined operation on the NYSE.
However, the firm yesterday revealed new plans under which KKR and KPE would still combine but the Euronext listing would remain.
KKR would give existing shareholders of KPE 30% of the new entity, as opposed to the 21% they would have received under the original plans.
KKR partners would end up with 70% of the shares.
The firm has discussed its revised proposal with certain institutional investors and, in connection with such discussions, holders of approximately 44% of KPE’s outstanding units have stated that they would consent to the revised transaction.
Such investors include Black River Asset Management, Lexington Partners, Putnam Investments, RS Investments, and Templeton Global Advisors and its affiliated investment managers operating under the name Franklin Templeton Investments.
The plans are under review by the independent directors of KPE.
D.C.