National Vision Announces Pricing of KKR Secondary Offering and Share Repurchase


DULUTH, Ga.—National Vision Holdings (NASDAQ: EYE) announced this week the pricing of a previously announced underwritten secondary offering by KKR Vision Aggregator of 9,149,908 shares of National Vision common stock. The transaction is pursuant to a Securities and Exchange Commission (SEC) filing, and the public offering price is $31 per share, with the KKR affiliate receiving all of the proceeds, according to the announcement. No shares are being sold by National Vision, according to the announcement. The investment firm KKR agreed to acquire National Vision in February 2014, as VMAIL reported.

In addition, National Vision announced this week that, subject to the completion of the offering, it intends to repurchase 819,134 of the 9,149,908 shares of common stock from the underwriter at a price per share equal to the price at which the underwriter will purchase the shares from the selling stockholder.

Upon the sale of these shares in the secondary offering, it is anticipated that KKR will no longer have a share ownership in National Vision, a National Vision spokeswoman told VMAIL. In addition, based on the latest SEC filings, a fund under the Fidelity Investments portfolio is expected to be National Vision's largest shareholder with roughly 8.6 million shares.
The offering is expected to close Aug. 12 subject to customary closing conditions. The offering is not conditioned upon the completion of the share repurchase, according to the announcement.

Goldman Sachs & Co. LLC is acting as the underwriter for the offering.