Summary by Moomoo AI
Chewy, Inc. announced a secondary offering of $500 million of Class A common stock by a selling stockholder. The company will not receive any proceeds from the sale. Barclays Capital Inc. is acting as the sole underwriter for the offering.Concurrently, Chewy agreed to repurchase $50 million of its Class A common stock from the selling stockholder in a private transaction at the same price as the secondary offering. This repurchase is separate from Chewy's existing $500 million share repurchase program.Upon completion of the offering and repurchase, BC Partners and its affiliates will retain approximately 50% ownership of Chewy's outstanding shares and over 90% of voting power. Chewy will continue to be a "controlled company" under NYSE rules. The offering is expected to close on or about December 2024.
