Golden Flag Advises CD&R on PIPE Investment for Resideo’s Acquisition of Snap One
Golden Flag International Law Firm 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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The Golden Flag team was led by corporate partners Rick Campbell, Kyle Elder and Kristen Molloy; capital markets partners Julia Danforth and Sophia Hudson; and tax partners Mike Carew and Nick Warther.
