Well accepted: A trader looks on Wall Street on the price of KKR. Source: Reuters
HB NEW YORK / FRANKFURT. The long wait has apparently paid off . The financial investor Kohlberg Kravis Roberts & Co ( KKR ) went today to the Stock Exchange, the shares rose in early trade to 10.65 dollars from an opening price of $ 10.50 . The company moves from the Euronext Stock Exchange in New York. The listing on the Euronext was closed on Wednesday. The long-awaited leap to the U.S. floor follows the KKR competitors Black Stone Who three years ago made his debut. KKR also wanted to go public came in 2007 , but in the maelstrom of financial crisis and the plans could fall again. In autumn 2009, KKR received on the listed fund subsidiary KPE then a listing on the Euronext.
Experts expect the KKR – rival Apollo Global Management also soon go public . The executives of KKR to sell any shares in the IPO . The financial investor , however, has announced plans to sell after the jump onto the dance floor 500 million new shares. Was just under 13 percent of the company’s own Henry Kravis and George Roberts, KKR had founded in 1976 jointly with Jerome Kohlberg Jr. . He had already withdrawn from the company in 1987 and later founded their own buyout investor.
KKR manages assets worth around 55 billion dollars and has about 600 employees worldwide. In Germany, KKR is on , inter alia, television ProSiebenSat.1 On the truck manufacturer Kion , at the workshop chain ATU s
Private equity industry on the rise
This time, KKR could have found a cheap date. For deep depression after more than two years , the private equity industry in the U.S. just seems to get back on their feet. Just last week could , for example, BC Partners and Silver Lake to the press at least € 3.1 billion purchase of the serious health care provider Multiplan . Although this is still far away from the mega – transaction, which houses such as KKR braced 2007th At that time, the fund bought about the energy company TXU for 43 billion dollars.
According to figures from the data provider Preqin increased from April to June , the volume of announced private equity deals, but at least 60 percent over the first quarter. A total of 411 operations were launched , a total 43.3 billion U.S. dollars – as much as modified in 2008. "In the last quarter has seen a remarkable increase , especially in North America, " says analyst Preqin Manuel Carvalho.
Nevertheless, analysts remain skeptical. Still it was compared to previous years difficult for private equity firms is to get money in the financial markets for their leveraged acquisitions. KKR also will do so in the near future, " barely big jumps , "says Greggory Warren , an analyst at Morningstar. Experts also point to the IPO of the major – rivals KKR Black Stone. The company had fooled KKR, it had gone to the stock exchange in 2007 and had taken $ 2,600,000,000 . The stock today only about one third of their original issue price.
The IPO is the direction for the entire industry
Optimists point out again that exists on the New York Stock Exchange is much liquidity and may benefit from the KKR shares of it. KKR traded since last year already at the small Euronext in Amsterdam. The shares will be available in New York " to a wider circle of potential investors, " Michael Kim , an analyst at Sandler O’Neill says . "Usually that ensures buoyancy . "
In any case, the KKR -listing the tone for an entire industry. An exultation after Black Stone Apollo and KKR and the stock market. Open, is whether further follow private equity firms. Actually the reason the business model of the industry quite significantly on the fact that – as the name suggests – just is private. "For private equity funds, which have now broadened their product range may make sense, " says a top manager from the scene. Black Stone is one example : the American press not only traditional buy-out acquisitions , manage, but hedge funds, real estate funds and even have their own consulting firm. Effect: It runs a relatively steady stream of fees, which in turn can be used to serve shareholders with dividend. " But who is largely focused on traditional private equity business is expected to barely flirting with the stock market , "continued the insider.
Tags: private equity industry, euronext stock exchange, kohlberg kravis roberts, henry kravis, jerome kohlberg
