Box Announces KKR-led Investment
WASHINGTON (dpa-AFX) - Global investment firm KKR funds will lead a $500 million investment in Box, Inc. (BOX) in the form of convertible preferred stock. The preferred stock will be convertible into shares of Box common stock at a conversion price of $27.00 per share. The preferred stock carries a 3% dividend, which will be payable in kind or in cash, at Box's election. Upon closing of the deal, John Park, Head of Americas Technology Private Equity at KKR, will join Box's Board.
Box anticipates the investment to close in May 2021. The company plans to use substantially all of the proceeds to fund a share repurchase through a 'Dutch auction' self-tender of up to $500 million of its common stock.