Kohlberg Kravis Roberts is finally going public through a complicated transaction in which it will merge with KKR Private Equity – its listed unit in Amsterdam – and then take its combined entity to a listing in New York.

The deal, which will raise no new capital, values the legendary buy-out group at a discount to rival Blackstone and far below the $26bn that KKR had estimated in securities filings last year after it first revealed plans to go public.