(Bloomberg) -- KKR & Co.'s shares rose almost 4.4 percent Monday with the announcement that it had completed its conversion to a corporation, reaching the highest price since January 2014.
The tax law passed in December cut the corporate rate to 21 percent from 35 percent, prompting private equity managers to consider shifting to a regular corporation, known as a C-corp. KKR announced in May that it would make the switch.
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To contact the reporter on this story: Melissa Mittelman in New York at mmittelman@bloomberg.net
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Michael Hytha, Matthew Monks
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