The Firm is representing funds advised by Apax Partners in connection with their agreement, with participation by Periphas Capital, L.P., to purchase $550 million of Series A Convertible Preferred Stock of KAR Auction Services, Inc. (“KAR Global”) (NYSE: KAR).
KAR Global provides sellers and buyers across the global wholesale used vehicle industry with technology-driven remarketing solutions. KAR Global’s platform supports whole car, financing, logistics and other ancillary and related services, including the sale of nearly 3.8 million units valued at approximately $40 billion through its auctions in 2019.
The Simpson Thacher team includes Ryerson Symons, Jakob Rendtorff, Shaun Levor, Keegan Lopez and Jess Yoon (M&A); Dan Webb, Sean Dougherty and Caitlin Wood (Capital Markets); Sophie Staples (Tax); Jennifer Levitt, Mike Vernace, Mimi Cheng and Mike Ratay (Credit); Jon Lindabury (Derivatives); Andrew Blau, Patricia Adams and Emily Manns (Executive Compensation and Employee Benefits); Sara Razi, Ellen Frye and Kelly Karapetyan (Antitrust); Mike Isby (Environmental); Lori Lesser and Alysha Sekhon (Intellectual Property); and Krista McManus (Real Estate).