BUZZ-BrightSpring Health falls as KKR chops stake in $823 mln secondary offering

KKR & Co Inc Class A -3.73% Pre
BrightSpring Health Services, Inc. -6.51% Pre
Goldman Sachs Group, Inc. -4.40% Pre

KKR & Co Inc Class A

KKR

83.88

83.88

-3.73%

0.00% Pre

BrightSpring Health Services, Inc.

BTSG

38.64

38.43

-6.51%

-0.54% Pre

Goldman Sachs Group, Inc.

GS

787.52

788.88

-4.40%

+0.17% Pre

** BrightSpring Health Services' BTSG.O shares down 2.5% before the bell at $40.55 after pricing of $823 mln secondary offering

** Home healthcare and hospice provider late Mon announced affiliate of KKR KKR.N and members of management offloaded 20 mln shares at $41.15

** Offering price is 1% discount to stock's last close

** Also, BTSG to concurrently repurchase ~1.46 mln of offering shares

** Private equity firm KKR sold ~19.7 mln shares, and including the repurchase, cuts its stake to 21.9%, while CEO Jon Rousseau parted with 220,000 shares, per the prospectus

** Louisville, Kentucky-based BTSG has ~193.5 mln shares outstanding

** Goldman Sachs sole bookrunner for offering

** Through Mon, shares up 11% YTD and up 115% over the past 12 months. Stock hit record intraday high of $44.87 on Fri

** All 16 analysts are bullish including 6 "strong buy" ratings; median PT of $50 up from $45 a month ago, per LSEG data


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