Blackstone’s Investment Agreement With Array Technologies

Simpson Thacher advised Blackstone on the deal.

Blackstone announced its entry into an agreement with Array Technologies, Inc.to purchase up to $500 million of Array’s perpetual preferred stock. Under the terms of the agreement, Array will sell $350 million of perpetual preferred stock to Blackstone at the initial closing and, at Array’s option, up to an additional $150 million of perpetual preferred stock at any time prior to June 30, 2023. Subject to the receipt of certain regulatory approvals, Blackstone will receive 7.875 million shares of Array’s common stock representing approximately 5.8% of shares outstanding.

Array is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world’s largest manufacturers of ground-mounted systems.

Blackstone is a leading global investment business investing capital on behalf of pension funds, large institutions and individuals.They invest across the alternative asset classes in private equity, real estate, credit and hedge funds as well as in infrastructure, life sciences, insurance, and growth equity.

The Simpson Thacher team included Christopher May (Picture), Anthony Vernace, Izaak Lustgarten and Siwei Yang (M&A); Jonathan Ozner (Capital Markets); Jonathan Goldstein, Sophie Staples and Ed Grais (Tax); Steven Klar (Funds); Jonathan Lindabury and Caitlin Wood (Derivatives/Backleverage); Greg Grogan and Scott Schilson (Executive Compensation and Employee Benefits); Peter Guryan and Kelly Karapetyan (Antitrust); Lori Lesser and Samuel Watters (Intellectual Property); and Adeeb Fadil (Environmental).

Involved fees earner: Adeeb Fadil – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Edward Grais – Simpson Thacher & Bartlett; Gregory Grogan – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Steven Klar – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Jonathan Lindabury – Simpson Thacher & Bartlett; Izaak Lustgarten – Simpson Thacher & Bartlett; Christopher May – Simpson Thacher & Bartlett; Jonathan Ozner – Simpson Thacher & Bartlett; Scott Schilson – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Anthony Vernace – Simpson Thacher & Bartlett; Samuel Watters – Simpson Thacher & Bartlett; Caitlin Wood – Simpson Thacher & Bartlett; Siwei Yang – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Blackstone;

Author: Martina Bellini