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Benzinga
Benzinga
Business
Akanksha Bakshi

BrightView Repurchases 5.9M Shares From MSD Partners For $82.5M

  • BrightView Holdings Inc (NYSE:BV) agreed to repurchase 5.9 million shares of its common stock from MSD Partners and affiliates at $13.98 per share or ~$82.5 million.
  • The purchase price represents a 2% discount from the closing price on December 7, 2021. 
  • The repurchase represents half of MSD Partners' current equity investment in BrightView. MSD Partners would own approximately 5.9 million of BrightView's 99.3 million outstanding shares following the repurchase.
  • The company plans to fund the purchase with cash on hand and borrowings under the credit facilities. It expects to complete the transaction in January 2022.
  • BrightView held $123.7 million in cash and equivalents as of September 30, 2021.
  • The company made the repurchase in connection with BrightView's share buyback program announced on December 6, 2021.
  • Price Action: BV shares are trading lower by 0.99% at $13.97 on the last check Tuesday.
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