TD SYNNEX upsizes secondary stock offering By Investing.com

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FREMONT, Calif. & CLEARWATER, Fla. – TD SYNNEX Corporation (NYSE: NYSE: ), the world’s largest IT distributor, has raised its secondary offering of 10,500,000 shares of common stock, as announced today. The shares are being sold by affiliates of Apollo Global Management (NYSE:), Inc., and the transaction is expected to close on April 2, 2024, pending a formal closing.

In a strategic move, TD SYNNEX also plans to buy back 500,000 shares from its underwriters as part of the offering, using its share buyback program. This Concurrent Share Repurchase will be paid out of the company’s retained earnings. Of course, the company will not receive any money from the shares sold by the agents of Apollo Global Management.

The underwriters, which include JP Morgan Securities LLC, Barclays Capital Inc., BofA Securities, Inc., and Mizuho Securities USA LLC, have also been given the option to purchase up to 1,575,000 additional shares from the sellers within a 30-day period.

The offering follows the effective date of filings filed with the Securities and Exchange Commission (SEC) on September 2, 2021, and October 10, 2023. In addition, an additional supplement explaining the offering was filed with the SEC on March 27, 2024. , and the final supplement which must be filed and filed on the SEC website.

TD SYNNEX is known for its comprehensive IT products, services, and solutions, serving more than 150,000 customers in more than 100 countries. The company’s portfolio includes several high-growth technology sectors, such as cloud services, cybersecurity, big data and analytics, Artificial Intelligence (AI), and the Internet of Things (IoT).

More information about the offering has come from a press release.

InvestingPro Insights

As TD SYNNEX Corporation (NYSE: SNX ) prepares for its second public offering and share repurchase, the latest strategies from InvestingPro provide investors with more financial opportunities. With a market capitalization of $10.07 billion and an outstanding P/E ratio of 16.61, the company exhibits a stable financial history, which is further bolstered by an attractive P/E ratio of 12.92 for the trailing twelve months from Q1 2024.

InvestingPro’s recommendations highlight TD SYNNEX’s aggressive strategy for shareholder value, management’s aggressive stock buybacks and high shareholder yield. The company has also rewarded its investors by raising its dividend for three consecutive years, implying reliable income for shareholders. This is important for investors considering the offering and repurchase, as it shows the company’s commitment to returning value to its shareholders.

In addition, the company’s stock achieved a great profit, with a return of 10.47% in the last week and a return of 27.64% in the last year, showing the strength of the work. These returns are important for investors to consider based on current trends and the company’s growth in the technology sectors in which it operates.

For investors looking for a more in-depth analysis, InvestingPro offers additional information, including additional InvestingPro Tips that can help evaluate a company’s financial position and growth. Remember, to use a coupon code PRONEWS24 may offer an additional 10% on annual or bi-annual Pro and Pro+ subscriptions. There are 17 additional tips available InvestingProinvestors can better understand the financial history of TD SYNNEX.

This article was created with the help of AI and reviewed by an editor. For more information see our T&C.

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