OPENLANE, Inc. announced definitive agreements to repurchase 53% of its Series A Convertible Preferred Stock, originally issued in June 2020. The cash consideration for this significant transaction is approximately $559 million.
This repurchase will reduce the preferred shares held by funds advised by Apax Partners, L.P. by approximately 50%, and those held by funds advised by Periphas Capital, L.P. by approximately 80%. The repurchase price is $29.70 per share of common stock on an as-converted basis, which includes the value for future dividends tied to those preferred shares.
The transactions are anticipated to close as soon as practicable after September 30, 2025, and prior to October 20, 2025. This move is expected to simplify the company's capital structure and is viewed by management as making OPENLANE an even more compelling opportunity for new and existing investors due to its strong cash generation characteristics.
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