On April 8, 2021, Box, Inc., the leading Content Cloud, and KKR, a leading global investment firm, announced an agreement for KKR funds to lead a $500 million investment in the company in the form of convertible preferred stock. The investment from KKR will advance the company’s strategy to deliver the Box Content Cloud and enable customers to modernize how they work and drive digital transformation throughout their organizations. Wilson Sonsini Goodrich & Rosati represented Box in the transaction.

Box anticipates using substantially all of the proceeds to fund a share repurchase through a “Dutch auction” self-tender of up to $500 million of its common stock, with specific amount and pricing of the self-tender to be determined based on market conditions and stock prices at the time when the self-tender is launched. The self-tender is expected to commence after Box releases its fiscal first quarter financial results in May 2021. Further details on the self-tender will be included in filings with the U.S. Securities and Exchange Commission at the time of its commencement.

The Wilson Sonsini team that represented Box in the transaction includes:

M&A
Marty Korman
Rich Mullen
Ross Tanaka
Tracy Sevush
Elia Perez Villamarin

Corporate
Jose Macias
Lauren Lichtblau
Cody Gaynor

Finance
Erik Franks
Michael Rosati
Jill Fulwiler

Corporate Governance
David Berger

Tax
Dave Strong

Antitrust
Deirdre Carroll

For more information, please see Box's press release. Further coverage can be found on Bloomberg and Reuters.