Sidley Represents Flex in Its Spinoff of Nextracker

Sidley represented Flex Ltd. (Nasdaq: FLEX), an American multinational manufacturing company domiciled in Singapore, in its spinoff of its remaining interests in Nextracker Inc. (Nasdaq: NXT) to Flex shareholders on a pro rata basis. Nextracker is a Fremont, California-based solar technology company.

The Sidley team was led by Daniel Belke, Sharon Flanagan, Sam Gandhi, and Helen Theung (M&A and Capital Markets), and also included Sandi Knox, Ellen Hunter, Alex Enion, Hannah M. Brown, and Taylor N. Todd (M&A); Sonia Gupta Barros, Adam M. Gross, Sara M. von Althann, and Hana Lee (Capital Markets); Eric M. Winwood, Marian Fielding, Richard Schneider III, and Akshay Soman (Employee Benefits and Executive Compensation); Suresh T. Advani, John T. Schaff, Tyler J. Replogle, and Ryan L. Schroeder (Tax); and E. Kyle Barnett (Technology and Life Sciences Transactions).

Sidley also represented Flex Ltd. and Nextracker in the US$662.5 million combined primary (synthetic secondary) and secondary underwritten public offering of Nextracker’s Class A common stock by Nextracker and certain selling stockholders in June 2023; in Nextracker’s US$734.2 million initial public offering in February 2023; and in Flex’s sale of US$500 million of convertible preferred equity in Nextracker to TPG Rise Climate in February 2022.