OPENLANE, Inc. (NYSE: KAR) has reached agreements to repurchase 53% of the Company's Series A Convertible Preferred Stock.
The transaction involves cash consideration of approximately $559 million.
The repurchase price of $29.70 per share of common stock represents a negotiated market-based buyout.
Repurchase Agreement
OPENLANE to repurchase 53% of Series A Convertible Preferred Stock from Apax Partners, L.P. and Periphas Capital, L.P.
Cash Consideration
Approximately $559 million cash consideration for the repurchase transaction.
Share Price
Negotiated share price of $29.70 per share on an as-converted basis.
- The repurchase will reduce the preferred shares held by Apax Partners, L.P. by about 50% and by Periphas Capital, L.P. by around 80%.
- The transactions are expected to close after September 30, 2025, and before October 20, 2025.
The repurchase of Series A Convertible Preferred Stock reflects OPENLANE's commitment to strategic investments and financial management, positioning the company for continued growth and investor confidence.