TD Synnex down as Apollo to halve stake in secondary offering

TD Synnex

27/03/2024 20:51

** Shares of IT solutions firm TD Synnex  SNX.N  down 4.3%
at $111 in extended trading on secondary offering launch
    ** Co announces Apollo Global Management  APO.N  to sell 9
mln shares
    ** In addition, co to repurchase 500,000 shares from
underwriters as part of offering up to $60 mln worth
    ** Apollo owns -17.4 mln shares, or ~20% stake. Transactions
to cut PE firm's stake to 9.6%, per the SEC prospectus filing
    ** JP Morgan, Barclays, BofA and Mizuho are jt bookrunners
for offering
    ** SNX shares on Weds closed up 3.3% at $116, adding to 6.5%
on Tues after co posted Q1 profit beat and announced $2 bln
stock buyback
    ** Stock up ~8% YTD and up ~26% over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))