Kirkland & Ellis advised Clayton, Dubilier & Rice (CD&R) on its $500 million perpetual convertible preferred equity investment into Resideo Technologies, Inc. (NYSE: REZI) in connection with Resideo’s acquisition of Snap One Holdings Corp. (Nasdaq: SNPO) for a transaction value of approximately $1.4 billion, inclusive of net debt. Terms of the CD&R investment include a 7% coupon, payable in cash or payment-in-kind at Resideo’s option, and a conversion price of $26.92. Effective upon the closing, CD&R will have the right to designate two members to the Board of Directors of Resideo. The closing is expected to occur in the second half of 2024, subject to customary conditions.
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