A&O advises WillScot Mobile Mini in an underwritten secondary offering by its principal shareholder and concurrent stock repurchase
16 March 2021
The Allen & Overy (“A&O”) U.S. Capital Markets team has advised WillScot Mobile Mini Holdings Corp. (NASDAQ: WSC), a North American leader in modular space and portable storage solutions, in an underwritten secondary offering (the “Offering”) of 12,750,000 shares of WillScot’s common stock by its principal shareholder, Sapphire Holding S.à r.l., an entity controlled by TDR Capital (the “Selling Stockholder”), at a price to the public of $27.20 per share. The Selling Stockholder granted the underwriter a 30-day option to purchase up to an additional 1,912,500 shares, which was exercised in full on March 4, 2021. WillScot did not sell any shares in the Offering and did not receive any of the proceeds from the Offering. Morgan Stanley acted as sole underwriter of the Offering.
Concurrently with the Offering, the A&O U.S. Capital Markets team advised WillScot Mobile Mini on its repurchase of 2,750,000 shares of its common stock directly from the Selling Stockholder (the “Stock Repurchase”) at a price per share equal to the price per share paid by the underwriter to the Selling Stockholder in the Offering. The Offering and the Stock Repurchase closed on March 4, 2021.