KKR Joins IPO Party

After Blackstone's triumph, barbarians at the public gate
By Ben Worthen,  Newser User
Posted Jun 22, 2007 9:05 AM CDT

(Newser) – Corporate raiders Kohlberg Kravis Roberts & Co. have announced an initial public offering, on the heels of a wildly successful $34B IPO by rival Blackstone yesterday. The mammoth LBO group, whose boss Henry Kravis maintains a well known rivalry with Blackstone's Stephen Schwarzmann, waited to make sure Blackstone swam before making the announcement.

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The move comes as Congress debates legislation to hike the tax burden on publicly traded partnerships, shining a light on complex business deals and potentially turning investors against private-equity offerings.  But sales of the new shares will give KKR an infusion of cash to compete with Blackstone and seize on favorable acquisition conditions. (Read more KKR stories.)

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