KKR invests $500 million in Box, gains board seat
Private equity behemoth KKR & Co. Inc. (KKR) is leading a $500 million investment in cloud-services provider Box Inc. (BOX), and will gain a seat on the company's board, Box announced (https://www.businesswire.com/news/home/20210408005342/en/Box-Announces-Strategic-Partnership-with-KKR-Including-500-Million-KKR-led-Investment)Thursday. The investment, amid pressure from hedge fund Starboard Value LP, would be executed through convertible preferred stock. When the transaction is completed in May, John Park, head of Americas Technology Private Equity at KKR, will join Box's board of directors. Box added that Bethany Mayer, who joined the board after an agreement with Starboard a year ago, will replace Chief Executive Aaron Levie as chair, effective May 1. Box shares were down 9% in mid-morning trading.
-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 08, 2021 11:44 ET (15:44 GMT)
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