AppLovin to repurchase 15M shares from KKR Denali for $552.75M at $36.85/share

AppLovin Corp

Repurchases 15M shares from KKR Denali at $36.85/share for $552.75M total, a 3.6% discount to Aug 18 close of $38.23.
Closing expected by Aug 28, 2023; transaction approved by special committee of independent directors not affiliated with KKR.
Board increased share repurchase authorization by ~$448M to $555M; after closing, $2.25M remains under the program.
Sale reduces KKR Denali's beneficial ownership; company funds deal with available cash on hand.

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

AppLovin Corp entered into Share Repurchase Agreement with KKR Denali Holdings L.P. valued at $552.75 million (effective 2023-08-21).

Action: entry
Agreement: equity purchase
Counterparty: KKR Denali Holdings L.P.
Value: $552.75 million
Effective: 2023-08-21

Exact text from the filing

On August 21, 2023, AppLovin Corporation (“AppLovin”) entered into an agreement to repurchase 15,000,000 shares of its Class A common stock, par value $0.00003 per share (the “Class A Common Stock”), beneficially owned by KKR Denali Holdings L.P. (“KKR Denali”) in a private transaction at a price per share of $36.85, for an aggregate purchase price of $552.75 million (the “Share Repurchase Agreement”).

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AppLovin Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-216397

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