Private equity firm Kohlberg Kravis Roberts & Co. (KKR) said it plans to exit its investment in privately held East Resources Inc. in connection with the announcement last week that Royal Dutch Shell plc has agreed to pay $4.7 billion to acquire East Resources' principal subsidiaries (see Daily GPI, June 1). KKR invested $350 million in Warrendale, PA-based East Resources last year (see Daily GPI, June 10, 2009). That investment "was a catalyst for the growth and development" of East Resources, according to KKR, which said the company succeeded in derisking a substantial part of the Northeastern Marcellus Shale area, developed a critical supply of natural gas to serve the region and saw its annual capital budget grow from $100 million to $350 million over the past year.
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