KKR Acquisition Holdings I, a blank check company formed by KKR and former Gap CEO Glenn Murphy targeting the consumer sector, raised $1.2 billion by offering 120 million units at $10. The company offered 20 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Glenn Murphy, the founder and CEO of consumer-focused investment firm FIS Holdings and the former CEO of The Gap and Shoppers Drug Mart Corporation. The company plans to leverage its management's experience and target a business in the consumer or retail industries, focusing on key themes including digital transformation and e-commerce adoption, health and wellness, and value and premiumization, among others.
KKR Acquisition Holdings I plans to list on the NYSE under the symbol KAHC.U. Citi acted as a lead manager on the deal.
