Form 4: Apollo Global Management Sells 12 Million Shares of TD SYNNEX in Secondary Offering

Apollo Global Management and its affiliates completed a secondary public offering of 12,075,000 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's 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 involved in the transaction include AP IX Tiger Holdings, L.P., AP IX Tiger Co-Invest II, L.P., and AP IX Tiger Co-Invest (ML), L.P., along with their respective general partners and managers.
• Apollo Management Holdings GP, LLC is the designated filer for the Form 4.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a standard transaction of a major shareholder reducing their position. The market reaction will determine if it's ultimately positive or negative.

Industry Context

Secondary offerings are a common way for large shareholders, like private equity firms, to reduce their stake in a company. The market will likely assess the impact of this large block of shares being released and how it affects the stock's supply and demand dynamics.

Comparison to Industry Standards

• It is difficult to compare this transaction to industry standards without knowing the specific reasons behind Apollo's decision to sell. However, large secondary offerings can sometimes put downward pressure on a stock price in the short term, as the market absorbs the new supply.
• Comparable transactions would include other instances where major shareholders in technology distribution companies have reduced their stakes through secondary offerings.

Stakeholder Impact

• Shareholders may experience short-term price volatility due to the increased supply of shares.
• The company itself is not directly impacted as it did not issue new shares in this offering.

Key Dates