warburg pincus: Warburg, the 50-year-old global private equity firm which has former Treasury Secretary Timothy Geithner as its president, also boasts a long track record with IPOs, according to The Independent. James Poer, the longtime CEO of Austin, Texas-based Kestra which has 2,300 advisors across three subsidiaries gave the first official word that the deal had been reached to Financial Planning. Majority owner Stone Point Capital has agreed to sell its stake in Kestra to Warburg Pincus, while keeping a significant minority position. The parties didn't disclose the financial terms of the agreement. Minority stakeholder insurance firms Securian Financial and NFP would no longer be investors after the transaction, according to Poer. Poer said the transaction should close in the second quarter pending regulatory approval, roughly three years after Stone Point bought the stake from insurance firm NFP. Kestra did not publicly discuss the bidding, though Poer pledged to advisors late last year that it wouldn't be sold to a competitor.
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