05:43 PM EDT, 09/19/2024 (MT Newswires) -- Chewy (CHWY) said late Thursday Buddy Chester Sub, an entity affiliated with funds advised by BC Partners Advisors, its largest shareholder, has started an underwritten offering of $500 million shares of its Class A stock.

The stockholder intends to grant its underwriters a 30-day option to purchase up to $75 million of additional Class A shares. Morgan Stanley is the lead book-runner for the offering.

Chewy said it has agreed to repurchase $300 million shares from the stockholder, adding that the shares will be retired after the deal. The company also said its $500 million share buyback program authorized in May will not be affected by the transaction.

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