KPE’s Acquisition Agreement with KKR

On July 27, 2008, KKR & Co. L.P. (“KKR”) and KKR Private Equity Investors, L.P. (“KPE”) announced a definitive agreement pursuant to which KKR will acquire all of the assets, and assume all of the liabilities, of KPE in exchange for interests in KKR constituting 21% of the equity in the combined company. The remaining 79% of the equity in the combined company would be retained by KKR executives. In conjunction with the transaction, KKR will become publicly listed on the New York Stock Exchange. Cravath is acting as U.S. counsel to the independent directors of the general partner of KPE in this transaction.

The lawyers involved in the matter are partners George A. Stephanakis and Gregory M. Shaw and associates Roberto Bruno, Susan K. Jong, Andrew A. Hamad, Edward Welch and Benjamin A. Aronovitch on corporate matters; and partner Michael L. Schler and associate Christopher K. Fargo on tax matters.