KKR & Co. (NYSE:KKR) has recently executed a significant divestiture involving shares of OneStream, Inc. (NASDAQ:OS). According to a Form 4 filing with the Securities and Exchange Commission, KKR sold a total of 956,462 shares of OneStream's Class A Common Stock on November 27, 2024. The shares were sold at a price of $29.9925 per share, resulting in a total transaction value of approximately $28.7 million.
The transactions were carried out by various KKR-affiliated entities, including KKR TFO Partners L.P., KKR Associates TFO L.P., and KKR Custom Equity Opportunities Fund L.P., among others. Each of these entities held the shares indirectly, as indicated in the filing.
This sale follows a series of conversions from Class D Common Stock to Class A Common Stock, which occurred on November 26, 2024. The conversion involved multiple entities within the KKR group, converting a total of 514,850 shares of Class D Common Stock into Class A Common Stock, as part of the transaction process.
The filing notes that these sales were part of a broader strategy involving KKR's holdings in OneStream. The shares sold were previously acquired through conversions, with KKR executing the transactions at a time when the market conditions were favorable for such a sale.
In other recent news, OneStream Inc. has announced a proposed underwritten public offering of 15 million shares of its Class A common stock. The proceeds from the sale of its shares will be used to purchase LLC units from KKR Dream Holdings LLC. The offering is being led by Morgan Stanley (NYSE:MS), J.P. Morgan, and KKR.
On the financial front, OneStream reported a 4% top-line beat and a $1 million increase in the forecast for the fourth quarter, with a subscription growth rate of 39%. Piper Sandler maintained an Overweight rating on OneStream, raising the price target to $37, citing the company's impressive performance and growth prospects. BMO Capital also initiated coverage with an Outperform rating, highlighting OneStream's potential for market share growth and strong capabilities in data management, consolidation, and artificial intelligence.
TD Cowen maintained its Buy rating on OneStream, emphasizing the company's solid growth trends and potential for further expansion. Loop Capital also reiterated a Buy rating, pointing to the company's reduction in operating losses and the potential for market expansion. These recent developments suggest a positive outlook for OneStream, with various firms expressing confidence in the company's growth trajectory and market position.
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