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KKR backs WMI Holdings

31 Jan 2014

insurance contract formPrivate equity major KKR has invested in insurance business WMI Holdings, which was formerly known as Washington Mutual.

The New York-based firm has bought $11m worth of WMI’s stock at $1.1 per share and has committed to buy up to $150m of subordinated notes.

It has also received five-year warrants to buy 61.4m shares in the company.

Member and head of KKR’s financial services team Tagar Olson said, “We are pleased to finalize this investment and look forward to working with the Company as it continues to grow and diversify its platform. As a long-term aligned capital partner to the Company, we believe that KKR is well-positioned to help build shareholder value.”

Earlier this week KKR bought a majority stake in claims processing specialist Sedgwick Claims Management Services for $2.4bn.

The company was acquired from private equity firms Hellman & Friedman and Stone Point Capital.

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