Academy Sports + Outdoors, Inc. reported that affiliates of Kohlberg Kravis Roberts & Co. L.P. (KKR) are selling off its entire 18.65 million-share stake to the public. KKR acquired Academy Sports in a leveraged buyout in 2011.

That stake, which would be valued at $852.85 million at Friday’s closing stock price of $45.74, represented 20.1 percent of the shares outstanding and had made KKR the company’s largest shareholder.

Academy said it intends to repurchase up to $200 million from KKR as part of the offering. Any shares repurchased by Academy will be pursuant to its recently announced $500 million share repurchase program and will be retired.

No shares are being sold by Academy. The selling stockholders will receive all of the proceeds from this offering.

Credit Suisse, KKR Capital Markets LLC, J.P. Morgan, and BofA Securities are acting as joint bookrunning managers for the proposed offering.

Photo courtesy KKR