Academy Sports + Outdoors Inc announced that certain of its stockholders, including affiliates of Kohlberg Kravis Roberts & Co. L.P., intend to offer for sale in an underwritten secondary offering 14 million shares of common stock of Academy.
The Selling Stockholders expect to grant the underwriters a 30-day option to purchase up to an additional 2.1 million shares of Academy’s common stock. No shares are being sold by Academy. The selling stockholders will receive all of the proceeds from this offering.
Academy announced that subject to the completion of the offering it intends to repurchase from the underwriters, out of the 14,000,000 shares of common stock, a number of shares having an aggregate purchase price of up to $100 million at a price per share equal to the price at which the underwriters will purchase the shares from the Selling Stockholders.
The sale will mark Kohlberg Kravis Roberts’ second stock offering since Academy Sports went public in October 2020. In January 2001, Kohlberg Kravis Roberts sold 12 million shares.
Photo courtesy Academy Sports + Outdoors