The Firm recently represented Apax Partners, as a selling stockholder, in connection with an initial public offering by Bankrate, Inc., a portfolio company of Apax Partners. The offering of 20,000,000 common shares, which does not include the underwriters’ option to purchase 3,000,000 additional shares, raised approximately $300 million in gross proceeds. Following the offering, affiliates of Apax Partners will remain the majority shareholder with approximately 70% ownership of Bankrate’s common shares. Bankrate’s common shares are now listed on the New York Stock Exchange under the symbol “RATE”.
Bankrate is a leading publisher, aggregator and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories, including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes.
The Simpson Thacher team included Ryerson Symons, William Freiberg, Anna Schwartz and Austin Hill (M&A); Ken Wallach (Capital Markets); and Brian Robbins (Executive Compensation & Employee Benefits).