Simpson Thacher represented the underwriters, led by Barclays Capital Inc. and Morgan Stanley & Co. LLC, in connection with the registered follow-on offering of 28,750,000 shares of common stock by Allegro MicroSystems, Inc. (“Allegro”), which includes the exercise in full of the underwriters’ option to purchase additional shares. The offering raised approximately $690 million in gross proceeds.
Allegro intends to use the proceeds, together with cash on hand and borrowings under Allegro’s term loan facility, to repurchase shares of its common stock from its majority shareholder.
Allegro is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets.
The Simpson Thacher team for this transaction included Roxane Reardon, Lesley Peng, Traci Biedermann, Neil Patel and Khalia Williams (Capital Markets); Jonathan Cantor and Benjamin Bressler (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Jennie Getsin (FINRA & Blue Sky); Timothy Mulvhill (Environmental); and Paige Brinton (Intellectual Property).