Thursday, November 10, 2005
Willis Group announces sale of KKR shares
Story: Willis Group Holdings, the listed UK insurance broker, today announced that two of its shareholders commenced a secondary offering of 6.1 million shares of common stock. According to a company press release, the offered shares are being sold by Profit Sharing (Overseas), Limited Partnership, an affiliate of Kohlberg Kravis Roberts & Co. L.P., and Fisher Capital Corp. L.L.C.
Concurrent with the offering, Willis plans to purchase 1.5 million shares directly from the selling shareholders in a private transaction at the net price per share to be received by the selling shareholders in the underwritten offering, and expects to use cash on hand to fund the purchases. The remaining shares will be publicly offered.
After this offering, the KKR fund will have fully exited its holdings in Willis Group common stock though certain KKR executives will continue to own shares. These transactions represent the last stage of KKR's orderly disposition program which commenced approximately five years ago.
Citigroup Corporate and Investment Banking and Lehman Brothers Inc. will be acting as joint bookrunning managers for the offering.
Source: Company press release(s)
Value: USD 2,257m (Value of stock as of 8/11 closing on NYSE)
Concurrent with the offering, Willis plans to purchase 1.5 million shares directly from the selling shareholders in a private transaction at the net price per share to be received by the selling shareholders in the underwritten offering, and expects to use cash on hand to fund the purchases. The remaining shares will be publicly offered.
After this offering, the KKR fund will have fully exited its holdings in Willis Group common stock though certain KKR executives will continue to own shares. These transactions represent the last stage of KKR's orderly disposition program which commenced approximately five years ago.
Citigroup Corporate and Investment Banking and Lehman Brothers Inc. will be acting as joint bookrunning managers for the offering.
Source: Company press release(s)
Value: USD 2,257m (Value of stock as of 8/11 closing on NYSE)
