Hunton Andrews Kurth Represents Sunlight Financial LLC in $1.3 Billion Business Combination with Apollo-Backed SPAC

Time 2 Minute Read
July 12, 2021

Hunton Andrews Kurth LLP represented Sunlight Financial LLC (Sunlight) in connection with its merger with Spartan Acquisition Corp. II (Spartan), a publicly-traded special purpose acquisition company sponsored by funds managed by an affiliate of Apollo Global Management, Inc. The $1.3 billion transaction closed on July 9, 2021. The newly combined public company is named Sunlight Financial Holdings (Holdings), and the post-combination company organized in an “Up-C” structure, such that all of the material assets of Holdings are held by Sunlight, and the only material asset of Holdings is its indirect equity interests in Sunlight. On July 12, 2021, Holdings’ common stock began trading on the New York Stock Exchange (NYSE) under the ticker symbol “SUNL”, while its warrants will trade on the NYSE under the ticker symbol “SUNLW”.

Sunlight is a B2B2C fintech platform that provides point-of-sale financing capabilities. Sunlight partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvement upgrades. Sunlight’s best-in-class technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners.

The Hunton Andrews Kurth team was led by partners Mike O’Leary and Taylor Landry, with assistance from associates Mike Hoffman, Erin Jennings, Marshall Heins, Hannah Bradley, Casey Shaw and Kelli Regan. Partners Tom Ford and Allison Mantor handled tax matters with associate Tim Strother. Partners Tony Eppert and Emily Cabrera handled compensation and benefits matters, and partner Eric Markus handled certain securities regulatory matters. Partner Jarrett Hale and counsel Eric Flynn handled regulatory compliance matters.

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