Willis Common Stock Sale Worth Close To $1 Billion
By Mark E. Ruquet
NU Online News Service, Feb. 20, 11:44 a.m. EST?A secondary share offering by a corporate holder of Willis Group Holdings stock would be worth close to $1 billion after the firm set the share price at $38.27 per share.[@@]
Profit Sharing (Overseas), Limited Partnership, an affiliate of Kohlberg Kravis Roberts & Co. L.P. and Fisher Capital Corp. L.L.C., is selling 20 million shares of Willis Group Holdings common stock, the London-headquartered insurance broker said.
Willis said it would purchase four million shares directly from Profit Sharing concurrent with the offering, in a private transaction, with cash on hand.
The purchase would cost Willis more than $153 million. Including the 20 million shares, the total deal would be worth $918.4 million.
The combined sale would reduce Profit Sharing's holding of Willis from 23 percent to 7.5 percent.
Citigroup, Credit Suisse First Boston and Banc of America Securities LLC are joint managers of the transaction. The underwriters of the sale were given an option to purchase up to 3 million additional shares to cover any overallotments.
A spokesman for Willis said the transaction should be completed some time next week.
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