NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)--
KKR & Co. L.P. (NYSE:KKR) and KKR Financial Holdings LLC (NYSE:KFN)
today announced the completion of KKR's acquisition of KFN. Common
shareholders of KFN, at a special meeting held earlier today, voted to
adopt the merger agreement entered into on December 16, 2013, pursuant
to which common shareholders of KFN will receive 0.51 common units of
KKR for each common share of KFN.
The votes in favor of the merger constituted a majority of outstanding
KFN common shares as of the record date of February 26, 2014, including
a majority of outstanding KFN common shares held by record holders other
than KKR and its affiliates. Approximately 98% of the KFN common shares
represented at the special meeting voted in favor of approving the
"Our balance sheet is one of our most strategic assets. Through the KFN
acquisition, our book value increases to over $10 billion as of March
31, 2014, and our firm is better positioned than ever," said Henry R.
Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive
Officers of KKR. "In addition to adding scale and diversification, KFN's
assets bring us greater balance sheet liquidity and yield, which will
benefit our unitholders through both an increase in recurring
distributions and more capital for growth."
KFN is a subsidiary of KKR following the completion of the merger. KFN's
perpetual preferred shares and senior notes, which are listed on the
NYSE, as well as its junior subordinated notes, remain outstanding
securities of KFN.
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com.
About KKR Financial Holdings LLC
KKR Financial Holdings LLC is a specialty finance company with expertise
in a range of asset classes. KFN's core business strategy is to leverage
the proprietary resources of its manager with the objective of
generating both current income and capital appreciation. KFN executes
its core business strategy through its majority owned subsidiaries. KFN
is externally managed by KKR Financial Advisors LLC, a wholly-owned
subsidiary of KKR Asset Management LLC, which is a wholly-owned
subsidiary of Kohlberg Kravis Roberts & Co. L.P. Additional information
regarding KFN is available at http://www.kkr.com.
KKR Investor Relations
+1 (877) 610-4910
(U.S.) / +1 (212) 230-9410
Kristi Huller, +1 (212) 230-9722
Source: KKR & Co. L.P.
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