Box Announces Closing of Strategic Investment Led by KKR

Box, Inc. (NYSE: BOX), a leading Content Cloud, today announced that it has closed the previously announced $500 million investment led by KKR. In connection with the closing of the investment, John Park, Head of Americas Technology Private Equity at KKR, has been appointed to the Box Board, effective immediately.

Box anticipates using 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, with the specific amount and pricing of the self-tender to be determined based on market conditions and stock prices at the time when the self-tender is launched. The self-tender is expected to commence shortly after Box releases its fiscal first quarter financial results on May 27, 2021.

“We are pleased to establish this relationship with KKR and to welcome John to the Box Board of Directors,” said Bethany Mayer, Chair of Box Board of Directors. “This transaction reflects the culmination of the Board’s comprehensive review of a wide range of strategic options, and our determination that this is the optimal path to drive the company’s next phase of growth. Through this investment and share repurchase, stockholders are able to elect to either monetize their investment or participate in any upside potential with KKR as a committed partner.”

Additional information regarding the closing of the investment will be included in a Form 8-K to be filed with the Securities and Exchange Commission.

Advisors

Morgan Stanley & Co. LLC is serving as financial advisor to Box in connection with the investment. Wilson Sonsini Goodrich & Rosati, P.C. and Sidley Austin LLP are serving as legal advisors to Box.

About Box

Box (NYSE:BOX) is a leading cloud content management platform that enables organizations to accelerate business processes, power workplace collaboration, and protect their most valuable information, all while working with a best-of-breed enterprise IT stack. Founded in 2005, Box simplifies work for leading organizations globally, including AstraZeneca, JLL, and Morgan Stanley. Box is headquartered in Redwood City, CA, with offices in the United States, Europe, and Asia. To learn more about Box, visit http://www.box.com. To learn more about how Box powers nonprofits to fulfill their missions, visit Box.org.