Press Release

Kirkland Advises Carvana on Market-Leading Transactions on Back-to-Back Days

Kirkland & Ellis advised Carvana (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, on its $126 million investment into Root Inc. (Nasdaq: ROOT). The investment accompanied an exclusive partnership with Root to develop integrated auto insurance solutions for Carvana’s online car buying platform. The investment was in the form of a convertible preferred security and included warrants for Class A shares in Root. 

Read the Carvana press release

Kirkland also advised Carvana on its pricing of a private placement of $750 million in aggregate principal amount of its 4.875% senior notes due 2029. The offering closed on August 16, 2021.

Read the Carvana press release

The Kirkland team was led by capital markets partners Bob Hayward, Bob Goedert, Michael Keeley and Paul Zier, and associates Ashley Sinclair, Johnny Ellis, Anna LeGrett, Tala Esmaili and Chris Johnson; with corporate partner Ed Lee and associate Peter Fritz; and tax partner Tom Evans and associate Miles Johnson.