Simpson Thacher advised CBRE Acquisition Holdings, Inc. (the “Company”) (NYSE: CBAH.U) on its $402.5 million initial public offering of 40,250,000 SAIL (Stakeholder Aligned Initial Listing) securities, including the exercise in full of the underwriter’s overallotment option, at a public offering price of $10 per SAIL security.
Each SAIL security consists of one share of the Company’s Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company’s Class A common stock at a price of $11 per share. The SAIL securities have begun trading on the New York Stock Exchange and, once the securities comprising the SAIL securities begin separate trading, the Class A common stock and warrants are also expected to be listed on the New York Stock Exchange under the symbols “CBAH” and “CBAH WS,” respectively.
The Company is a newly organized blank-check company formed by CBRE Acquisition Sponsor, LLC, a subsidiary of CBRE Group, Inc., for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets. CBRE Group, Inc. is a global commercial real estate services and investment firm.
The Simpson Thacher team included Bill Brentani, Mark Brod, Dan Webb, Sean Dougherty, Jesse Feng, Jacob Gindt and Bori Ha (Capital Markets); Russell Light and Suzy Yaster (Tax); Tristan Brown (Executive Compensation and Employee Benefits); Shari Ness and James Rapp (Public Company Advisory Practice); Genevieve Dorment (Intellectual Property); and Jennie Getsin (FINRA).