GoDaddy Announces Pricing of Follow-On Offering and Repurchase

On May 4, 2017, GoDaddy, the world's largest cloud platform dedicated to small, independent ventures, announced the pricing of an underwritten public offering of shares of Class A common stock at a price to the public of $38.50 per share. Wilson Sonsini Goodrich & Rosati represented GoDaddy in the offering.

According to a GoDaddy press release, selling stockholders are offering 24,000,000 shares of Class A common stock and have granted the underwriters an option to purchase 3,615,000 additional shares of Class A common stock. Selling stockholders participating in the offering include entities affiliated with Kohlberg Kravis Roberts & Co., Silver Lake Partners, Technology Crossover Ventures, and YAM Special Holdings, an entity owned by GoDaddy founder Bob Parsons. GoDaddy will not receive any proceeds from the sale of the shares by the selling stockholders. GoDaddy is also offering 100,000 shares of its Class A common stock and intends to use the proceeds of the offering to pay the transaction expenses incurred in connection with the offering and any remaining proceeds for general corporate purposes.

In addition, GoDaddy announced that it has entered into an agreement to repurchase from the selling stockholders an aggregate of $275 million of limited liability company units of Desert Newco, LLC (together with a corresponding number of shares of GoDaddy's Class B common stock) at the same per share price paid by the underwriters to the selling stockholders in the offering.

Morgan Stanley & Co., J.P. Morgan Securities, Barclays Capital, and Citigroup Global Markets are acting as lead joint bookrunners for the offering; Deutsche Bank Securities, Goldman Sachs & Co., and RBC Capital Markets are acting as book-running managers; and KKR Capital Markets, Evercore Group, JMP Securities, Oppenheimer & Co., and Piper Jaffray & Co. are acting as co-managers.

The WSGR team advising GoDaddy in the transaction includes partners Jeff Saper, Rezwan Pavri, Allison Spinner, and Megan Baier, and associates Andy Gillman, Lester Ang, Shira Osyerman, and Sid Ray.

For more information, please see GoDaddy's press release.