Focus Financial falls as KKR exits in secondary offering

Focus Financial Partners

22/06/2021 12:17

** Focus Financial Partners  FOCS.O  shares down 8% at
$50.03 premarket after secondary offering prices
    ** Wealth management firm late Mon announced ~7.4 mln shares
at $50.30, including ~7.14 mln shares sold by KKR & Co  KKR.N  urn:newsml:reuters.com:*:nACSCVTQ3a
    ** Offering prices at 7.5% discount to stock's last sale
with Goldman Sachs as sole bookrunner
    ** KKR divests remaining FOCS stake; PE firm's designee to
resign from board of directors
    ** In Feb, KKR reduced its FOCS holdings in 7 mln share
secondary priced at $48  urn:newsml:reuters.com:*:nL1N2KW117
    ** FOCS has ~72.1 mln shares outstanding for $3.9 bln market
cap, per Refinitiv data, and ~43.7 mln of free float
    ** Stock up 25% YTD

 (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))