KKR Is Said to Raise $1.1 Billion in Sale of AppLovin Shares

KKR & Co. has raised $1.1 billion from the sale of a block of AppLovin Corp. shares, people familiar with the situation said.

An affiliate of the private equity firm sold 19.9 million shares at $56 each, the people said, asking not to be identified as the information is private. The stake represents about 7% of AppLovin’s outstanding shares, according to data compiled by Bloomberg.

A representative for KKR declined to comment, while AppLovin didn’t immediately respond to a request for comment.

AppLovin’s shares climbed 2.1% to $59.29 each as of 2:04 p.m. New York time. The shares have risen ...