Private equity giant Kohlberg Kravis Roberts & Co.
plans to go
public on the New York Stock Exchange later this year via a share swap
with its publicly listed leveraged buyout fund, the buyout shop said in
a statement Sunday.
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KKR's latest proposal to go public replaces an earlier plan to raise $1.3 billion in a conventional initial public offering --- a difficult proposition in today's market, which has punished shares of KKR's listed rivals.
Instead, KKR now intends to fold its public LBO fund, KKR Private Equity Investors, which raised $5 billion in May 2006 and is listed in Amsterdam, into the KKR partnership by means of a share swap.
Investors in KKR PEI would own 21% of the combined company, with KKR's partners and employees holding the remaining 79%, the statement said. KKR would delist in Amsterdam and begin trading in New York.
Slower than competitors like Blackstone Group LP and the Carlyle Group to diversify beyond buyouts, KKR has aggressively branched out in recent months. See full story on
TheDeal.com for details. -
David Carey**Stay tuned to Dealscape for more from the firm's conference call detailing its plan.**
