For those on the lookout for signs of an economic recovery, here is a bluebird: private-equity giant KKR is finally planning to seek a listing on the New York Stock Exchange.
As stronger markets helped boost the private equity firm back into the black, according to the firm's earnings call today, the Euronext-listed firm said today it will prepare to file for a spot on the NYSE "as promptly as practicable." The firm had filed for an initial public offering back in July 2007, just weeks after rival Blackstone Group did the same. But then the credit crisis rocked the markets and KKR's IPO became TBD. The firm has said a public listing will help its efforts to expand beyond the leveraged buyout business and diversify its services. And that might mean hiring.
Despite depressed PE activity in 2008, the firm still itched to go public. It moved one step closer to its goal when it merged with its Amerstedam-listed affiliate fund to create KKR Private Equity that year and began trading on Euronext.
The group raked in almost $2 billion in net income in 2009, according to its earnings report released today. The value of its portfolio rebounded and the firm said it would pay a dividend of 8 cents per share for the fourth quarter, the first time since it suspended dividend payments in late 2008.
Write to Yoree Koh