King & Spalding advised EVO Payments Inc. in its $258 million initial public offering. EVO sold 13,333,333 shares of its Class A common stock at a public offering price of $16 per share. On May 30, the underwriters exercised in full their option to purchase an additional 2,100,000 shares from EVO. The offering also included 666,667 shares sold by a selling stockholder. EVO’s Class A common stock is now listed on The Nasdaq Global Market under the symbol “EVOP.” EVO received net proceeds from the offering of approximately $229.3, which were used to repay outstanding debt.
Prior to the initial public offering, EVO completed an “Up-C” restructuring, which involves the formation of the new public company as a C-corporation whose principal asset is common units in the existing operating company, EVO Investco, LLC. The pre-IPO investors maintained their economic interest in the existing operating company through their ownership of common units in EVO Investco, LLC and their voting interest through ownership of EVO Payments, Inc.’s non-economic Class B, Class C or Class D common stock. Public investors received Class A common stock, which contains both voting and economic rights.
J.P. Morgan served as lead left and representative of the underwriters, which included Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., SunTrust Robinson Humphrey, Inc., Barclays Capital Inc., Cowen and Company, LLC, Goldman Sachs & Co. LLC, Regions Securities LLC, William Blair & Company, L.L.C., and Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Oddział - Dom Maklerski PKO Banku Polskiego w Warszawie. Latham & Watkins LLP acted as counsel to the underwriters.
More information about the transaction can be found here.
The King & Spalding team was led by partners Keith Townsend and Zach Cochran, and included partners Bill Roche and Alana Griffin, and associates Zack Davis, Ben Massey, Allison Bazinet and Zack Peffer. Other lawyers included partner Hap Shashy (tax), senior associate Ariana Walizada (tax), partner Sam Choy (benefits), partner Ken Raskin (benefits), and counsel Mark Kelly (benefits).