KKR reduces Willis stake

North America

The majority owner of Willis, Kohlberg Kravis Roberts (KKR), is preparing to reduce its shareholding in the broker to about 45% from 53%. KKR led a consortium of insurers that took Willis private in 1998 after a rough ride on the London stock exchange. Willis listed on the New York stock exchange last year and KKR surprised the market by maintaining its shareholding. KKR will now reduce its stake through a secondary offering which is expected to raise US$450mn, of which KKR is expected to receive about $350mn from the proceeds.