Deals
KKR, Bain Sell NXP in IPO at 46% Discount to Buyout
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KKR & Co. and Bain Capital LLC sold shares of NXP Semiconductors NV in a $476 million initial public offering for 46 percent less than they paid to take control of the company at the height of the credit-market bubble.
NXP, acquired by KKR, Bain and three other private equity firms in a $9.4 billion leveraged buyout, sold 34 million shares at $14 each yesterday, the company said in a statement. Owners sought $18 to $21 per share in the IPO after paying an average of $26.07 a share for the Eindhoven, Netherlands-based unit of Royal Philips Electronics NV in 2006. The stock was unchanged at $14 in Nasdaq Stock Market trading today.