Sidley Represents Nextracker in US$662.5 Million Common Stock Offering

Sidley represented Flex Ltd. (Nasdaq: FLEX), an American multinational manufacturing company domiciled in Singapore, and its Fremont, California-based solar technology subsidiary, Nextracker Inc. (Nasdaq: NXT), in its US$662.5 million combined primary (synthetic secondary) and secondary underwritten public offering of its Class A common stock by Nextracker and certain selling stockholders, which resulted in approximately US$552 million in net proceeds to Nextracker and US$88.9 million in net proceeds to certain selling stockholders, in each case, after deducting the underwriting discounts and commissions, and which includes the full exercise of the underwriters’ option to purchase an additional 1.65 million shares of Class A common stock at the public offering price. The offering closed on July 3, 2023.

The Sidley deal team was led by Sharon Flanagan (M&A) and Sam Gandhi (Capital Markets), and included Helen Theung, Nicole Garrett, Hana Lee, and Taylor Todd (Capital Markets); Suresh Advani, John Schaff, Tyler Replogle, and Ryan Schroeder (Tax); Katie Klaben (Securities Enforcement and Regulatory); Colleen Lauerman, Andrew Shoyer, and Justin Becker (Global Arbitration, Trade and Advocacy); Maureen Crough (Environmental); Colleen Theresa Brown and Lauren Kitces (Privacy and Cybersecurity); and Eric Winwood and Marian Fielding (Employee Benefits and Executive Compensation).

Sidley also represented Flex Ltd. and Nextracker Inc. in its US$734.2 million initial public offering in February 2023, and its sale of US$500 million of convertible preferred equity in Nextracker to TPG Rise Climate in February 2022.