KKR has become the latest private equity shop to join the SPAC craze, raising $1.2 billion in an upsized IPO for blank-check company KKR Acquisition Holdings I by selling 120 million shares at $10 apiece.
- Led by Lululemon chairman Glenn Murphy, KKR Acquisition plans to purchase a company in the retail or consumer sector. It began trading Wednesday on the NYSE under the symbol KAHC.U.
- Murphy previously served as the CEO of Gap and Shoppers Drug Mart. He's also the founder of FIS Investments, an investment firm that targets companies in the consumer space.
- KKR has made bullish bets on the retail space for decades. Last September, the firm purchased a 1.3% stake in India's Reliance Retail for roughly $754 million.