KKR and Riverstone Holdings to form Trinity River Energy KKR and Riverstone Holdings announced the signing of a definitive agreement to merge the existing assets held by KKR Natural Resources Funds with the assets of Legend Production Holdings, a portfolio company of Riverstone, to create a new oil and gas company called Trinity River Energy. Financial terms of the transaction were not disclosed. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the third quarter of 2014. KKR's investment in Trinity is being made by KNR.
KKR upgraded to Outperform from Neutral at Credit Suisse Credit Suisse upgraded KKR to Outperform citing potential upside to near- and long-term estimates from higher incentive fees. The firm raised its price target for shares to $33 from $29.