KKR To Sell Willis Shares
By Mark E. Ruquet
NU Online News Service, May 8, 2:25 p.m. EST?Global insurance broker Willis Group Holdings, Ltd., said it has filed a registration statement with the Securities and Exchange Commission to sell $450 million of common stock owned by Kohlberg Kravis Roberts & Co. L.P., the firm's majority shareholder.
The firm said other institutional holders of its stock may also sell shares in the offering. The sellers also intend to grant to the underwriters an option for a period of 30 days to purchase up to $67.5 million additional common stock to cover over-allotments, if any.
The London headquartered broker announced yesterday it will not issue any shares of common stock in the offering.
The sale would represent about 7 percent of KKR's current holdings, a Willis representative said, reducing its total to 45 percent.
Willis said in a statement that the registration statement with the SEC has not become effective.
Salomon Smith Barney Inc. and J.P. Morgan Securities Inc. will manage the sale.
In 1999 KKR took over Willis, taking it private. The insurance broker went public again last year. The firm reported a 20 percent increase in revenues for the first quarter of 2002 compared to last year and a 74 percent increase in net income.
Willis said that copies of the preliminary prospectus related to the offering, when available, may be obtained from Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, 5th Floor, Brooklyn, NY 11220 or J.P. Morgan Securities, 277 Park Avenue, New York, NY 10172.
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