Sixth Street Partners Sells $742.8M in LATAM Airlines ADSs, Reduces Stake to 13.2%

summarizeSummary

Sixth Street Partners, a major shareholder, disclosed the sale of 12 million American Depositary Shares (ADSs) for $742.8 million, reducing its ownership in LATAM Airlines Group S.A. to 13.2%.

check_boxKey Events

• Major Shareholder Sale

  Sixth Street Partners, through Lauca Investments, LLC, sold 12 million American Depositary Shares (ADSs) at $61.90 per ADS.

• Transaction Value

  The sale generated $742.8 million in proceeds for Sixth Street Partners.

• Reduced Ownership

  Following the sale, Sixth Street Partners' beneficial ownership in LATAM Airlines Group S.A. decreased to 13.2% of the outstanding common stock.

• Lock-Up Agreement

  Sixth Street Partners entered into a 45-day lock-up agreement, restricting further sales of its remaining shares.

auto_awesomeAnalysis

This Schedule 13D/A filing formally details the disposition of a significant portion of LATAM Airlines Group S.A. shares by major investor Sixth Street Partners. The sale of 12 million ADSs, valued at $742.8 million, represents a substantial reduction in their stake, bringing their ownership down to 13.2%. While the secondary offering itself was previously announced in filings on February 10th and 11th, this 13D/A provides the specific ownership update and confirms the terms from the selling shareholder's perspective. The accompanying 45-day lock-up agreement on remaining shares provides a temporary period of stability regarding further sales from this investor. Investors should note the significant capital outflow from a major institutional holder.