KKR’s Heavy Reading

KKR’s un-IPO took a procedural step forward this morning, when its Amsterdam-listed affiliate launched a consent solicitation for a planned combination with its parent company.

If successful, KKR would effectively trade on Amsterdam for several months, and then transfer its listing to New York. Worth noting, however, that the New York listing could theoretically be on the Nasdaq, although that’s probably just some posturing to get better terms out of NYSE.
Below we’ve posted the entire 400+ page soliciation statement. Here’s a quick excerpt on Q408/Q109 valuation changes on its largest PE portfolio holdings:

As of March 31, 2009, investments which represented greater than 5% of the net assets of consolidated private equity funds included: (i) Dollar General valued at $1,612,190; (ii) First Data valued at $1,476,141; (iii) Alliance Boots valued at $1,386,906; (iv) Legrand S.A valued at $1,368,324; (v) HCA Inc. valued at $1,117,194; (vi) Biomet valued at $1,015,303; (vii) Energy Future Holdings valued at $1,008,625; and (viii) Legg Mason valued at $988,502.

As of December 31, 2008, investments which represented greater than 5% of the net assets of consolidated private equity funds included: (i) First Data valued at $1,514,986; (ii) Legrand S.A. valued at $1,501,887; (iii) Energy Future Holdings valued at $1,412,075; (iv) Alliance Boots valued at $1,410,686; (v) Dollar General valued at $1,398,016; (vi) Biomet valued at $1,054,149; and (vii) Legg Mason valued at $1,053,059.

ConsentSolicitationStmt