Private equity giant Kohlberg Kravis Roberts & Co (KKR.AS) said on Thursday it could not predict the timing of its long-sought New York Stock Exchange listing, but it would move as promptly as practical.
New York-based KKR had been planning for two years to follow rival Blackstone Group LP (BX.N) in becoming a publicly traded company, but the move has been held up by market turmoil.
The private equity firm said the market for mergers and acquisitions was nearing a “normal” deal environment and capital raising had improved materially over the past year. KKR said it still remained somewhat cautious overall.
KKR said creating value in its portfolio companies may be harder in 2010 than in 2009 since last year’s earnings growth was driven by cost cutting. Those efforts are largely done and companies need to find new sources of growth.
The private equity firm said it would continue to monetize its portfolio companies as the opportunities present themselves. It described the market for initial public offerings as “fairly rational right now.”
(Reporting by Jessica Hall; editing by Andre Grenon)