Form 4: Apollo Global Management Sells 12.075 Million Shares of TD SYNNEX in Secondary Offering

Apollo Global Management and its affiliates completed a secondary public offering of 12.075 million shares of TD SYNNEX common stock on April 2, 2024.

Summary

• On April 2, 2024, Apollo Global Management and its affiliates sold 12,075,000 shares of TD SYNNEX Corporation (SNX) common stock in a secondary public offering.
• The offering included 1,575,000 shares sold through the underwriters' option to purchase additional shares.
• The shares were sold at a price of $108.6 per share.
• The reporting persons include AP IX Tiger Holdings, L.P., AP IX Tiger Co-Invest II, L.P., and AP IX Tiger Co-Invest (ML), L.P., among others.
• Apollo Management Holdings GP, LLC is the designated filer for this Form 4.

Sentiment

Score: 6

Explanation: The document is neutral in tone, simply reporting a transaction. It's a standard regulatory filing related to a share sale.

Future Outlook

There is no future outlook provided in this document.

Industry Context

This secondary offering indicates a partial exit by Apollo Global Management from its investment in TD SYNNEX, which is a common occurrence after a period of ownership and value creation. It reflects a portfolio management decision by Apollo.

Comparison to Industry Standards

• Secondary offerings are a common mechanism for large shareholders like private equity firms to monetize their investments in publicly traded companies.
• Similar transactions can be seen with other private equity firms reducing their stakes in portfolio companies after a period of growth or restructuring.
• The size and pricing of the offering are typical for secondary sales of this nature, reflecting market conditions and the company's performance.

Stakeholder Impact

• The sale of shares by Apollo could create short-term price volatility for TD SYNNEX stock.
• The transaction may increase the float and liquidity of TD SYNNEX shares.
• The reduction in Apollo's stake could signal a shift in the company's ownership structure.

Key Dates