Kirkland Represents Sonic Financial Corporation on Acquisition of Speedway Motorsports, Inc.

Kirkland & Ellis represented Sonic Financial Corporation, a company owned and controlled by O. Bruton Smith and his family, which today announced its definitive agreement to acquire all of the outstanding shares of Speedway Motorsports, Inc. (NYSE: TRK), a leading marketer and promoter of motorsports entertainment in the United States, not already owned by Sonic Financial and an affiliate.  Under the terms of the merger agreement, a subsidiary of Sonic Financial will commence a tender offer to acquire all of the outstanding shares of Speedway Motorsports’ common stock not already owned by Sonic Financial and its affiliate at a price of $19.75 per share, implying a target enterprise value of more than $1 billion.  The closing of the tender offer and merger transaction is expected to take place in the third quarter of 2019.

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The Kirkland team was led by transactional partners Eric Schiele and Will Boothby and included associates Kristin Rulison and Conrad Zhong.