TD SYNNEX Corp., known by its ticker symbol SNX, has disclosed the cost of the secondary public offering. This represents about 5.31 million shares of its general stock. Various entities managed by affiliates of Apollo Global Management Inc. are selling all the shares, marking the final batch of shares held by them.
The expected closure of this offering falls around April 9, 2024, pending customary closing conditions.
It's important to note that TD SYNNEX will not reap any profits from the shares sold by these entities in this offering.
Also, the company has committed to buy from the underwriters 1.75 million shares of common stock which are involved in the offering. The buying price per share is equal to the price per share the underwriters will pay to the entities under the company's ongoing share repurchase program.
Using its existing cash reserves, the company intends to fund the concurrent share repurchase. The underwriters will not receive any payment for the shares that the company repurchases.
