Kohlberg Kravis Roberts
plans to combine with its Euronext-listed and Amsterdam affiliate KKR Private Equity Investors L.P. in a step toward gaining a listing on the
New York Stock Exchange
Under the deal, holders of KPE would receive interests representing 30% of the equity in the combined business. KKR will hold a 70% interest.
KPE will retain its listing on Euronext. But following the combination of the businesses, "KPE and KKR will have the ability to seek a listing of the combined business in the United States," the companies said in a statement.
Meanwhile, KKR said its assets under management as of June 30 are expected to be about $50.8 billion, and its economic net income for the three months ended in June was about $345 million to $370 million. It expects fee-related earnings of about $45 million to $55 million.
KKR reported a $1.2 billion loss for 2008.
The KPE affiliate estimates its net asset value at June 30 was about $3 billion, or $14.55 to $14.75 a unit.
If KKR lists on the NYSE it would follow its rival
, which held its initial public offering in 2007.
The deal is expected to close by Oct. 1. It still needs approval from a majority of KPE's unitholders, with 44% of the unitholders already supporting the agreement.