Private equity firm KKR & Co reported a 23% year-on-year drop in its third-quarter, after-tax distributable profit on Tuesday, as transaction fee revenue slid amid a broader slowdown in asset sales by buyout firms chasing lofty valuations. KKR said after-tax distributable earnings – the cash available for paying dividends – fell to $388.8 million in the three months ended Sept. 30, compared with $496.7 million a year earlier. Many private equity firms, including KKR, have sold fewer companies this year, even though the U.S. stock market is hovering near all-time highs, as potential acquirers balk at their valuation …read more
Source:: Yahoo Finance
