Nextracker starts spin-out procedure after US$ 500m supply sale
- Nextracker is to be spun out from moms and dad business Flex after it safeguarded a US$ 500 million equity sale, valuing the business at around US$ 3 billion.

Production team Flex had been analyzing its alternatives regarding the tracker supplier for time, having actually previously filed documents paving the way for a potential going public (IPO).
Nextracker will certainly now start its spin-out procedure from Flex after the parent group consented to sell US$ 500 numerous exchangeable preferred equity to the climate investment arm of investor TPG Rise.
As part of the deal, Flex and also Nextracker have become part of a separate contract which will certainly see the last transition to end up being a different service. Flex claimed it will certainly report Nextracker as a separate operating section in the future.
A possible IPO does, however, continue to be on the table for Nextracker, with Flex CEO Revathi Advaithi worrying the business would certainly "assess the correct time to do a transaction". TPG's stake in Nextracker is to convert into typical equity of the business when a certified offering takes place.
As part of the supply sale, TPG vice chair Jonathan Coslet and TPG Rise company device partner Steven Mandel will certainly join the Nextracker board.
TPG Rise brings with it experience of purchasing renewable energy companies, having funded and also released programmer Matrix Renewables and also purchased energy storage space company Form Energy.
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