Chewy, Inc. has announced a secondary offering of 15,852,886 shares of its Class A common stock by a selling stockholder. The underwriter has agreed to purchase the shares at $31.32 each, resulting in approximately $496.5 million in proceeds for the selling stockholder before expenses.Concurrently, Chewy will repurchase $50 million worth of shares from the selling stockholder at the same price in a private transaction. This repurchase, approved by a special committee of independent directors, is separate from Chewy's existing $500 million share repurchase program.Upon completion of the offering and concurrent repurchase, BC Partners and affiliates will retain approximately 56.3% of Chewy's total outstanding shares and 92.8% of voting power. Chewy will not receive any proceeds from the secondary offering. The offering is expected to close on December 13, 2024.

Chewy, Inc. has announced a secondary offering of 15,852,886 shares of its Class A common stock by a selling stockholder. The underwriter has agreed to purchase the shares at $31.32 each, resulting in approximately $496.5 million in proceeds for the selling stockholder before expenses.Concurrently, Chewy will repurchase $50 million worth of shares from the selling stockholder at the same price in a private transaction. This repurchase, approved by a special committee of independent directors, is separate from Chewy's existing $500 million share repurchase program.Upon completion of the offering and concurrent repurchase, BC Partners and affiliates will retain approximately 56.3% of Chewy's total outstanding shares and 92.8% of voting power. Chewy will not receive any proceeds from the secondary offering. The offering is expected to close on December 13, 2024.