Willis Group Holdings Limited, the parent company of the Willis Group, the world’s third largest insurance broker, announced that it has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 20 million shares of its common stock.
74 percent of Willis shares are currently held by Kohlberg Kravis Roberts, the New York-based buyout firm, which acquired Willis in a privatization deal three years ago. The remaining shares are held by AXA, Chubb, Royal & Sun, Hartford and Travelers. An IPO of new Willis shares would dilute these holdings.
The announcement indicated that the proceeds from the sale would be used “to redeem preference shares of TA II Limited, one of its subsidiaries, or repurchase senior subordinated notes of Willis North America, another of its subsidiaries, or both.”
No date has been set for the offering, and no estimates of the share price were given.
Was this article valuable?
Here are more articles you may enjoy.