KKR et al selling out of NXP
The private equity firms which bought NXP in 2006 are selling more of the shares.
KKR, AlpInvest, Apax Partners, Bain Capital, and Silver Lake are selling another 25 million shares representing 9.7% of the outstanding shares through a secondary offering.
The private equity firms previously sold two tranches of 25 million shares each in September and March, and sold 30 million shares in February.
After the latest sale, the firms and their affiliates will collectively be left with a 14.8% stake in NXP.
When the private equity companies bought NXP they loaded it up with $6 billion of debt of which $3.7 billion still sits on the NXP balance sheet.