Simpson Thacher Represents U.S. Treasury Department as Selling Stockholder in General Motors IPO
12.09.10
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The Firm recently represented the United States Department of the Treasury, as selling stockholder in the initial public offering of General Motors. Together with the concurrent offering by GM of its mandatory convertible junior preferred stock, a record $23.1 billion in proceeds was raised. GM’s common shares are traded on the New York Stock Exchange under its traditional GM stock symbol. The IPO raised $13.5 billion in net proceeds for the U.S. Treasury, and reduced its 60.8% stake in GM to a 33.3% stake in the company following the sale.
The Simpson Thacher team included Andy Keller and Jiyoung Sohn (Capital Markets).