Latham & Watkins Advises on Stagwell’s Secondary Offering of Class A Common Stock
Stagwell Inc. (Nasdaq: STGW), a digital-first global marketing network, has announced the pricing of its previously announced underwritten public offering of an aggregate of 16,000,000 shares of its Class A common stock, par value US$0.001 per share (the Class A Common Stock), by entities affiliated with The Stagwell Group LLC and Goldman Sachs (collectively, the Selling Stockholders) at a public offering price of US$6.75 per share. The offering is expected to close on or about March 14, 2023, subject to satisfaction of customary closing conditions. The Selling Stockholders also granted the underwriters a 30-day option to purchase up to an additional 2,400,000 shares of Class A Common Stock at the public offering price, less underwriting discounts and commissions. The Company will not receive any proceeds from the sale of shares in the offering.
Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by New York partners Stelios Saffos and Peter Sluka, with associates Hana Nah, Lia-Michelle Keane, and Jie Lin Nai. Advice was also provided on tax matters by New York partner Jocelyn Noll, with associate Michael Syku; on data privacy & security matters by Bay Area partner Robert Blamires, with associate Adriana Beach; on IP matters by New York counsel Carrie Girgenti; and on benefits & compensation matters by New York partner Jennifer Pepin, with associate Anne Bracaglia.