Stagwell enters $150M stock repurchase agreement with AlpInvest affiliates at $6.43/share

Stagwell Inc

Repurchases ~23.33M shares from AlpInvest affiliates for $6.43/share, aggregate $150M.
Transaction expected to close by May 31, 2023; either party may terminate if not closed.
Funded by cash flow and borrowings under senior secured revolver; separate from existing buyback program.
Intended tax treatment as substantially disproportionate redemption under Section 302(b)(1) or (2) of the Code.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Stagwell Inc entered into Stock Repurchase Agreement with certain affiliates of AlpInvest Partners B.V. valued at $150 million (effective 2023-05-09).

Action: entry
Agreement: equity purchase
Counterparty: certain affiliates of AlpInvest Partners B.V.
Value: $150 million
Effective: 2023-05-09

Exact text from the filing

On May 9, 2023, Stagwell Inc., a Delaware corporation (the “ Company ”) entered into an agreement (the “ Stock Repurchase Agreement ”) with certain affiliates of AlpInvest Partners B.V. (“ AlpInvest ”) to repurchase approximately 23,328,154 shares of the Company’s Class A common stock, par value $0.001 (“ Common Stock ”), for $6.43 per share in a privately negotiated transaction. The aggregate purchase price is $150 million.

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Source: SEC EDGAR

accession 0001104659-23-057405

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