John Keefe, an analyst for Ferris, Baker Watts & Co. in Baltimore, said that "nobody should be surprised" by KKR's move to "lighten it's position." He said the stock has worked well for investors and KKR is taking advantage of what it sees as an opportunity.

"Opportunity is the key word, that is what KKR is all about," Mr. Keefe observed.

Willis added that the shareholders intend to grant to underwriters a 30-day option to purchase up to 2.6 million common shares to cover over-allotments.

Banc of America Securities, LLC, Credit Suisse First Boston and JP Morgan Securities Inc., all of New York City, will manage the sales.

The offering will be priced later this week, Willis said.

According to a Willis spokesman, KKR is selling 17.3 million shares and will retain 27.6 percent of the brokers' outstanding shares. Fisher will sell 112,000 shares and retain a .2 percent of outstanding share in the firm.

In 1998, KKR purchased Willis and took the company private. The company went public in 2002. At that time, KKR said it was not interested in selling its majority share of the company. Before this offer, KKR was the majority shareholder and retained 39 percent of outstanding shares.