Hospital chain HCA Holdings (NYSE:HCA) announced Tuesday the sale of up to $1.8 billion of stock in a secondary offering.
With stockholders prepared to sell about 50 million shares, the offering could return around $1.8 billion at the current market price of $36 a share. HCA said all proceeds will go to the stockholders putting shares up for sale.
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No shares are being sold by HCA in the offering, which is set to close by Feb. 15.
Private equity backers KKR (NYSE:KKR) and Bain Capital, which together hold a 50.3% stake in HCA, will receive most of the proceeds. Their ownership stake will drop to roughly 39.3% by the end of the offering.
In 2006, the firms invested about $4.9 billion in the company when it was purchased for $21.3 billion. HCA went public in March 2011.
Shares of HCA slid 56 cents, or 1.53%, to $36.10 Tuesday morning.