TriNet announces $1B share repurchase via tender offer at $107/share and $360M Atairos buyback

TRINET GROUP, INC.

TriNet to launch tender offer for up to 5,981,308 shares ($640M) at $107/share; expires August 28, 2023.
Separate repurchase agreement with largest stockholder Atairos for min 3,364,486 shares ($360M) at same $107 price.
If fully subscribed, combined repurchase of 9,345,794 shares (~16% of outstanding shares).
Atairos owns ~36% currently; after deal, may reduce to 30-33% ownership at its discretion.
Expected close on September 13, 2023, conditioned on financing and Tender Offer completion.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

TRINET GROUP, INC. entered into Repurchase Agreement with Atairos Group, Inc. valued at minimum of approximately $360 million in value of shares (effective 2023-07-30).

Action: entry
Counterparty: Atairos Group, Inc.
Value: minimum of approximately $360 million in value of shares
Effective: 2023-07-30

Exact text from the filing

On July 31, 2023, TriNet Group, Inc. (“ TriNet ” or the “ Company ”) announced its plan to launch a fixed price tender offer (the “ Tender Offer ”) to repurchase approximately $640 million in value of shares of TriNet common stock (the “ shares ”) at a price of $107.00 per share, which is expected to commence on August 1, 2023. In addition, the Company signed a separate agreement on July 30, 2023 (the “ Repurchase Agreement ”) to repurchase a minimum of approximately $360 million in value of shares from affiliates of its largest stockholder, Atairos Group, Inc. (collectively, “ Atairos ”).

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TRINET GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-085606

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