KKR Private Equity Investors, L.P. (KPEQF.PK), or KPE, and KKR & Co. L.P., or KKR collectively with certain affiliates, said Thursday that they completed the previously announced transaction to combine the businesses of KPE and KKR. KPE will now be known as KKR & Co. (Guernsey) L.P. and its common units will trade on Euronext Amsterdam under the ticker symbol "KKR" from October 2.
In the transaction, KPE received interests representing 30% of the outstanding equity in the combined business, and the balance of the equity remains with KKR's owners and employees.
The transaction did not involve the payment of any cash consideration or involve offering of newly issued securities to the public. KKR executives did not sell any interests in the deal.
KKR Guernsey's units are subject to the same restrictions on ownership and transfer that KPE units were subject to before the completion of this transaction.
Henry Kravis and George Roberts, co-founders of KKR & Co. L.P., said, "For over 33 years, KKR has prided itself on being an industry leader that does not stand still. KKR has grown into a leading investment firm with capabilities to invest in multiple industries globally and across the capital structure. Our mission is to create attractive returns for our investors. This transaction is a milestone that will enhance this mission and provide capital to grow our firm."
Citi acted as sole financial advisor to KPE. Lazard acted as financial advisor to the independent directors of KPE's general partner. Bredin Prat and Cravath Swaine & Moore LLP acted as lead legal counsels to KPE and the independent directors.
Goldman Sachs and Morgan Stanley acted as financial advisors to KKR and Simpson Thacher & Bartlett LLP acted as lead legal counsel to KKR.
KPEQF.PK closed Wednesday's regular trade at $9.45, down $0.20 or 2.16%, on 35,250 shares.
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