Ingram Micro's principal stockholder launches $330 million stock offering

Ingram Micro Holding Corporation (NYSE: INGM) announced that its principal stockholder, Ingram Holdco LLC, an affiliate of Platinum Equity LLC, has commenced a secondary offering of $330 million of common stock.

The selling stockholder expects to grant underwriters a 30-day option to purchase approximately $45 million of additional common stock at the public offering price, less underwriting discounts and commissions. Ingram Micro will not offer any shares in the transaction and will not receive proceeds from the sale.

Concurrent with the offering, Ingram Micro expects to repurchase at least $30 million of its common stock from the underwriters at the same price per share paid to the selling stockholder. The company will fund the repurchase with cash on hand, and underwriters will not receive compensation for this transaction.

The share repurchase is part of Ingram Micro's existing $175 million share repurchase program. Upon completion, the company will have $70 million of capacity remaining under the program. The repurchase is expected to close concurrently with the offering, though the offering's closing is not conditional on the repurchase completion.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC serve as representatives to the underwriters and joint bookrunning managers for the offering.

The offering is being conducted through an automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission.

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