* OPENLANE (NYSE:KAR [https://seekingalpha.com/symbol/KAR]) has entered into definitive agreements to repurchase 53% of its Series A convertible preferred stock, originally issued in June 2020.
* The cash consideration totals ~$559M, with shares repurchased at $29.70/common share equivalent, factoring in future dividend value.
* The deal reduces preferred shares held by Apax funds by ~50% and Periphas Capital funds by ~80%.
* Periphas principals, including Sanjeev Mehra, will retain a portion of their preferred stock holdings.
* The transaction is expected to close between September 30 and October 20, 2025.
* Source: Press release [https://seekingalpha.com/pr/20227160-openlane-to-repurchase-53-percent-of-series-a-convertible-preferred-stock]
MORE ON KAR AUCTION
* Openlane: Buy On Improving Industry Fundamentals And Debt Payoff (Upgrade) [https://seekingalpha.com/article/4813685-openlane-buy-improving-industry-fundamentals-and-debt-payoff-upgrade]
* OPENLANE, Inc. 2025 Q2 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4809658-openlane-inc-2025-q2-results-earnings-call-presentation]
* OPENLANE, Inc. (KAR) Q2 2025 Earnings Call Transcript [https://seekingalpha.com/article/4809657-openlane-inc-kar-q2-2025-earnings-call-transcript]
* OPENLANE beats top-line and bottom-line estimates; updates FY25 outlook [https://seekingalpha.com/news/4479729-kar-auction-beats-top-line-and-bottom-line-estimates-updates-fy25-outlook]
* KAR Auction Q2 2025 Earnings Preview [https://seekingalpha.com/news/4478647-kar-auction-q2-2025-earnings-preview]
OPENLANE to repurchase 53% of Series A preferred stock for $559M
Published 2 months ago
Sep 9, 2025 at 9:37 PM
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