Simpson, Cravath and Bredin Prat line up on KKR merger deal
A trio of international firms have advised on private equity giant Kohlberg Kravis Roberts & Co's (KKR's) merger with its European affiliate KKR Private Equity Investors (KPE), reports The Am Law Daily. The transaction has been approved by directors at KKR and KPE and will be completed on 1 October if a majority of KPE unit holders agree to the merger during voting in the third quarter. The deal could bring KKR one step closer to a public listing in New York, which it delayed last year amid turmoil in the credit markets.
July 22, 2009 at 12:20 PM
2 minute read
A trio of international firms have advised on private equity giant Kohlberg Kravis Roberts & Co's (KKR's) merger with its European affiliate KKR Private Equity Investors (KPE), reports The Am Law Daily.
The transaction has been approved by directors at KKR and KPE and will be completed on 1 October if a majority of KPE unit holders agree to the merger during voting in the third quarter. The deal could bring KKR one step closer to a public listing in New York, which it delayed last year amid turmoil in the credit markets.
Simpson Thacher & Bartlett reprised its role as KKR's longtime outside counsel of choice on the KPE listing. The firm has represented KKR on several high-profile deals in recent years and former Simpson partner David Sorkin joined the private equity firm in November 2007 as its first general counsel, further solidifying the relationship.
At the time, Sorkin's hire was seen as a sign that the private equity firm was intent on an initial public offering (IPO).
Corporate partners Alan Klein and Joseph Kaufman – who have advised KKR on multiple fund formations and portfolio deals in the past – led the Simpson team advising on the KPE deal. KKR will purchase all of KPE's assets and liabilities in return for a 70% stake in the affiliate. KPE investors will hold the remaining 30%.
Cravath Swaine & Moore, which represented the underwriters when KPE went public in May 2006, is serving as lead US counsel to KPE and the independent directors of KPE's general partner. Corporate partners Sarkis Jebejian and George Stephanakis led the team from the firm.
French firm Bredin Prat also served as lead counsel to KPE and its independent directors. Partners Patrick Dziewolski and Benjamin Kanovitch led the team for the Paris-based firm.
At least five other law firms are advising on KKR's ongoing efforts towards a public offering. Davis Polk & Wardwell, Linklaters, Weil Gotshal & Manges, De Brauw Blackstone Westbroek and offshore firm Ogier are some of the firms that have received work related to the highly anticipated IPO.
The Am Law Daily is the website of The American Lawyer, Legal Week's US sister title.
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