FISV - Fiserv launches secondary stock offering

Fiserv (FISV) trades 1% down after hours on announcing that New Omaha, owned by investment funds managed by Kohlberg Kravis Roberts agreed to sell in an underwritten public offering 20M shares of Fiserv.Underwriters granted 30-day option to purchase up to an additional 3M shares.Fiserv is not selling any shares in, nor will it receive any proceeds from, the offering; New Omaha will receive all of the net proceeds from the offering.Offer expected to close on May 3.Prior to offer, New Omaha owned 85.3M shares of common stock, representing ~12.8% of the company's outstanding shares; on offer completion, New Omaha is expected to own shares of common stock representing ~9.8% of total outstanding shares.Post offer completion, Fiserv intends to repurchase from the underwriters 5M shares; plans to fund the share repurchase with cash on hand.

For further details see:

Fiserv launches secondary stock offering