Apollo Reduces TD SYNNEX Stake Below 5% Threshold

TL;DR

**Apollo Management is no longer a 5%+ owner of TD SYNNEX as of January 31, 2024.**

AI Summary

Apollo Management Holdings GP, LLC and its affiliated entities, collectively known as the "Reporting Persons," filed an Amendment No. 7 to their Schedule 13D on February 5, 2024, indicating a change in their beneficial ownership of TD SYNNEX Corporation (NYSE: SNX) common stock. The filing states that as of January 31, 2024, the Reporting Persons no longer beneficially own more than 5% of TD SYNNEX's common stock. This matters to investors because Apollo, a significant institutional holder, has reduced its stake below the 5% threshold, which could signal a shift in their investment strategy or outlook for TD SYNNEX.

Why It Matters

This filing indicates that a major institutional investor, Apollo Management, has significantly reduced its ownership in TD SYNNEX, potentially impacting investor sentiment and the stock's future performance.

Risk Assessment

Risk Level: medium — The reduction in a significant institutional holder's stake could be perceived negatively by the market, potentially leading to downward pressure on the stock price.

Analyst Insight

Investors should monitor TD SYNNEX's stock performance and any further institutional ownership changes, considering that a major holder has reduced its stake below the 5% threshold, which could indicate a shift in market perception or fundamentals.

Key Players & Entities

• Apollo Management Holdings GP, LLC (company) — the primary filing entity and a Reporting Person
• TD SYNNEX Corporation (company) — the subject company whose shares are being reported
• Erin E. Martin, Esq. (person) — contact person for notices and communications from Morgan, Lewis & Bockius LLP
• Morgan, Lewis & Bockius LLP (company) — law firm representing the Reporting Persons

Forward-Looking Statements

• TD SYNNEX's stock price may experience short-term volatility due to the news of Apollo's reduced stake. (TD SYNNEX (SNX)) — medium confidence, target: 2024-03-05
• Other institutional investors might re-evaluate their positions in TD SYNNEX following Apollo's divestment. (Institutional Investors) — low confidence, target: 2024-04-05

FAQ

Key Financial Figures

• $0.001 — me of Issuer) Common stock, par value $0.001 per share (Titl e of Class of Securiti
• $100.50 — of 8,768,750 shares of Common Stock for $100.50 per share in an underwritten secondary

Filing Documents

• tm245010d1_sc13da.htm (SC 13D/A) — 161KB
• 0001104659-24-010249.txt ( ) — 164KB

Interest

Item 5. Interest in Securities of the Issuer

of the Schedule 13D is hereby amended

Item 5 of the Schedule 13D is hereby amended and restated as follows: (a) & (b) Information in Rows 7 to 13 of the respective cover pages of the individual Reporting Persons are incorporated into this Item 5 by reference. The aggregate beneficial ownership of the Common Stock by the Reporting Persons is as follows: Sole Voting Power 0 Shared Voting Power 17,384,299 Sole Dispositive Power 0 Shared Dispositive Power 17,384,299 The Reporting Persons’ aggregate percentage beneficial ownership of the total amount of Common Stock outstanding is 19.8%, based on a total of 87,965,655 shares of Common Stock as of January 31, 2024 as disclosed in the Issuer’s prospectus supplement filed with the SEC on January 31, 2024. Each of the entities listed above, other than AP IX Tiger, Tiger Co-Invest II and Tiger Co-Invest ML (collectively, the “Record Holders”), disclaims beneficial ownership of any shares of the Common Stock owned of record by the Record Holders, except to the extent of any pecuniary interest therein, and the filing of this Schedule 13D shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose. (c) The Reporting Persons effected the following transaction of the Common Stock since the filing of Amendment No. 6 to the Original Schedule 13D: on January 31, 2024, the Reporting Persons set forth below sold an aggregate of 8,768,750 shares of Common Stock for $100.50 per share in an underwritten secondary public offering of the Common Stock: AP IX Tiger 5,485,730 shares Tiger Co-Invest II 1,207,748 shares Tiger Co-Invest ML 2,075,272 shares (d) & (e) Not applicable. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: Februar

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View this SC 13D/A filing on SEC EDGAR