CDW to offer 10 million shares of stock, buy back 2 million shares
VERNON HILLS - CDW Corp. said it will hold a public offering of 10 million shares of its common stock that is being sold by current stockholders.
The selling stockholders are affiliates of Madison Dearborn Partners, affiliates of Providence Equity Partners and the management members Christina Rother, Jonathan Stevens, Matthew Troka, Ann Ziegler and Douglas Eckrote. The underwriters will have a 30-day option to purchase up to an additional 1.5 million shares of common stock from the selling stockholders.
CDW Corporation will not receive any of the proceeds from the sale of the shares of common stock.
Barclays Capital Inc. and Goldman, Sachs & Co. are acting as underwriters in this offering.
CDW will also repurchase 2 million shares from stockholders affiliated with Madison Dearborn Partners and Providence Equity Partners. The share repurchase will be effected in a private, non-underwritten transaction at a price per share equal to the price paid by the underwriters to the selling stockholders in the offering. CDW Corporation expects to fund the repurchase from cash on hand.
The closing of the share repurchase is contingent on the closing of the offering. The closing of the offering is not contingent on the closing of the share repurchase.