KKR Revises Terms of 'Back Door' IPO

According to several sources, private-equity firm KKR & Co. has revised terms to its "back door" IPO. Such a deal could be done via the Euronext exchange, effectively making shares available to the public by merging with an affiliate that already trades on the Euronext. Shareholders of this affiliate, KKR Private Equity Investors, would now expect to hold a 30% interest in KKR, up from the 21% previously discussed when the possible deal hit the wires last summer.

As a consequence of the revised terms, KKR has officially postponed its listing on the NYSE and will instead aim for a deal for the Euronext. Although this new development seems like a balk, the merged entity could still, at a later date, transfer its listing to the NYSE (NYSE: NYX), which also owns Euronext.

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