Cleary Gottlieb represented BofA Merrill Lynch, Citigroup and J.P. Morgan as representatives of the underwriters in the initial public offering of shares of common stock of Allison Transmission Holdings.
All of the shares of common stock offered were sold by the selling shareholders, The Carlyle Group, Onex Corporation and their affiliates, who offered 30,015,000 shares of common stock, of which 26,100,000 shares were the initial securities and 3,915,000 shares were sold pursuant to the underwriters’ exercise of their over-allotment option resulting in total proceeds of approximately $690 million. The Company did not sell any primary shares in the offering. The deal priced on March 14 and closed on March 20.
Allison is the world’s largest manufacturer of fully-automatic transmissions for medium- and heavy-duty commercial vehicles, medium- and heavy-tactical U.S. military vehicles and hybrid-propulsion systems for transit buses. Allison transmissions are used in a variety of applications including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (primarily school and transit), motor homes, off-highway vehicles and equipment (primarily energy and mining) and military vehicles (wheeled and tracked). The company is headquartered in Indianapolis, Indiana and employs approximately 2,800 people. It has manufacturing facilities and customization centers located in China, The Netherlands, Brazil, India and Hungary, with a global presence, serving customers in North America, Europe, Asia, Australia, South America and Africa. Allison was acquired by Carlyle and Onex in August 2007 from General Motors.
