KKR (KKR), Chesapeake (CHK) Enter Oil, Nat Gas Partnership; Will Invest Aggregate $250M
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Kohlberg Kravis Roberts & Co L.P. (NYSE: KKR) and Chesapeake Energy Corporation (NYSE: CHK) have formed a partnership to invest in mineral interests and overriding royalty interests (together, “royalties”) in key oil and gas basins in the United States.
Under the terms of the arrangement, KKR and Chesapeake will make an initial combined $250 million commitment to the partnership. Chesapeake will contribute 10% of the total commitment and will receive a promoted ownership in the partnership. KKR and Chesapeake will jointly oversee the partnership while Chesapeake will source, acquire and manage the royalty investment opportunities.
KKR is making this investment through its affiliates and KKR Financial Holdings LLC.
Under the terms of the arrangement, KKR and Chesapeake will make an initial combined $250 million commitment to the partnership. Chesapeake will contribute 10% of the total commitment and will receive a promoted ownership in the partnership. KKR and Chesapeake will jointly oversee the partnership while Chesapeake will source, acquire and manage the royalty investment opportunities.
KKR is making this investment through its affiliates and KKR Financial Holdings LLC.
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