Carvana’s $460 Million Common Stock Offering

Kirkland & Ellis acted as special counsel to Carvana Co., while Davis Polk advised the joint book-running managers in connection with the offering.

Carvana Co. executed its $460 million public offering of 5,000,000 shares of Class A common stock.

The Class A common stock is listed on the New York Stock Exchange under the symbol “CVNA.”

Based in Tempe, Arizona, Carvana Co. is an e-commerce platform for buying used cars that operates in markets across the country. Carvana Co. provides a platform where consumers can research and identify a vehicle, inspect it, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up.

Citigroup Global Markets Inc. and Wells Fargo Securities, LLC acted as representatives of the underwriters in the offering.

The Davis Polk capital markets team advising the underwriters included partner Alan F. Denenberg (Picture), counsel Jeffrey Gould and associates Ali DeGolia and Sherry Tan. The tax team included partner Mario J. Verdolini and associate Bradford Sherman. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Jennifer Leather. Associate J. Taylor Arabian provided 1940 Act advice.

Involved fees earner: Taylor Arabian – Davis Polk & Wardwell; Frank Azzopardi – Davis Polk & Wardwell; Ali DeGolia – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; Jeffrey Gould – Davis Polk & Wardwell; Jennifer Leather – Davis Polk & Wardwell; Bradford Sherman – Davis Polk & Wardwell; Sherry Tan – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Citigroup Global Markets Ltd; Wells Fargo Securities;

Author: Ambrogio Visconti