Kohlberg Kravis Roberts, which once owned Willis brokerage, said it is relinquishing its last holdings in the firm.
Willis Group Holdings Limited said that Profit Sharing (Overseas), Limited Partnership, an affiliate of Kohlberg Kravis Roberts & Co. L.P., and Fisher Capital Corp. L.L.C will sell a total of 6.1 million shares.
With the sale, Willis said it plans to purchase 1.5 million of the shares in a private transaction.
In the release of its third-quarter 2005 results, Willis reported that in the first nine months of the year it repurchased 8.8 million shares for $306 million under its existing $500 million buy back authorization.
At an opening price today of $36.02, the Willis purchase would amount to more than $54 million.
Willis said that after this offering, KKR would exit its holdings in Willis, ending a five-year process to dispose of the holdings. However, Willis said certain KKR executives would continue to own shares.
KKR purchased Willis in 1998 and took the firm private. Willis became a public company again in 2001 shortly after Joseph J. Plumeri took over as chairman and chief executive officer.
Citigroup Corporate and Investment Banking and Lehman Brothers Inc. will manage the offerings.
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