BrightSpring Health slips as KKR carves stake in $435 mln secondary offering
21/10/2025 14:12
** Shares of BrightSpring Health Services BTSG.O down 1.7% premarket at $29.96 after $435 mln overnight secondary offering priced ** Home healthcare and hospice provider late Mon said certain holders including affiliates of KKR KKR.N and members of management parted ways with 15 mln shares ** Offering priced at $29, per thefly.com reports, which is 4.8% discount to stock's last close of $30.47 ** In addition, BTSG to concurrently repurchase 1.5 mln of the offering's shares from the underwriter ** Private equity firm KKR offloaded ~14.7 mln shares, and including the repurchase, reduces its stake to ~34.7%, while CEO Jon Rousseau sold 235,000 shares, per the prospectus ** Louisville, Kentucky-based BTSG had ~181 mln shares outstanding as of Oct 17, per the filing ** BofA is sole bookrunner for offering ** BTSG late Mon reported preliminary Q3 results and boosted annual rev guidance to $12.4-$12.7 bln, up from prior outlook of $12.2-$12.6 bln ** BTSG shares were added to S&P SmallCap 600 index .SPCY before the bell on Mon ** Through Mon, stock up 79% in 2025 ** 11 of 12 analysts rate stock "strong buy" or "buy", 1 rates "hold" and median PT is $31.50, per LSEG data (Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380))