Focus Financial down as KKR sells shares in secondary offering

Focus Financial Partners

26/02/2021 11:17

** Focus Financial Partners Inc  FOCS.O  shares down ~9% at
$47.45 premarket after co prices secondary
    ** Wealth management firm announces sale of 7 mln shares at
$48, including ~6.7 mln shares offered by KKR  KKR.N  and Stone
Point Capital  urn:newsml:reuters.com:*:nACSBbC3ta
    ** Offer price represents 8.2% discount to stock's last sale
    ** Per the filing https://www.sec.gov/Archives/edgar/data/1651052/000104746921000454/a2242966z424b7.htm#dg12701_selling_stockholders,
 KKR planned to sell 2 mln of its 9.5 mln shares, while Stone
Point looked to offload ~4.5 mln of ~21 mln shares it held;
final breakdown still to be disclosed
    ** Goldman Sachs, BofA are jt bookrunners, joined by both
private equity sponsors' capital markets units
    ** FOCS has 71.8 mln shares outstanding for ~$3.8 bln market
cap, per Refinitiv data, and 29.7 mln of free float
    ** Stock up 20% YTD, hovering near record highs, and has
risen 80% over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))