Two private equity bosses have been handed share bonuses that could be worth $1billion (£757million) each.
KKR co-chief executives Joseph Bae and Scott Nuttall will get 7.5m shares in the company, dependent on its equity performance.
The shares will be doled out starting at $95.80 each, rising to $135.80 if their targets are met.
KKR co-chief executives Joseph Bae (left) and Scott Nuttall (right) will get 7.5m shares in the company, dependent on its equity performance
They require Bae and Nuttall to stick with KKR until the end of 2026 and will be forfeited if either are sacked or its stock does not meet targets.
If shares stay above the final target price, $135.80, for more than 20 days, Bae and Nuttall would net more than $1billion each.
KKR said on Friday: ‘These awards are intended to incentivise the co-chief executive officers to help drive stock price performance in a manner that is aligned with stockholder interests.’
Bae and Nuttall will not be given any more share-based rewards for the next five years.
KKR’s shares have soared in the last year climbing 88 per cent this year and more than tripling since the start of 2019.
The American giant put in an offer last month for Telecom Italia worth £28billion which would be Europe’s biggest ever buyout.
Private equity firms have gone on a £68.5billion spending spree throughout the pandemic which has seen the likes of Morrisons and Asda snapped up.
Bae and Nuttall took over as bosses at KKR in October, taking over from Henry Kravis and George Roberts, who founded the firm in 1976.
Bae and Nuttall were paid more than $35million last year and own more than $1billion worth of KKR shares each. Bae’s net worth is $1.2billion, according to the Forbes rich list, while Nuttall’s is $1.4billion.
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