CDW Corporation - CDW STOCK NEWS

On December 2, 2021, Clayton, Dubilier & Rice completed the sale of Sirius Computer Solutions to CDW for $2.5 billion. CDW previously acquired Sirius from CD&R in a $1.5 billion transaction in 2019. Under CD&R's ownership, Sirius focused on growth areas such as Security and Cloud. This sale marks CD&R's third technology sector exit since 2019, contributing to its total investment of $4.1 billion in technology-enabled services. CD&R has managed investments exceeding $35 billion, emphasizing its strategy of enhancing company profitability.

CDW Corporation has completed the acquisition of Sirius Computer Solutions for $2.5 billion in cash. This acquisition is set to enhance CDW's capabilities in key growth areas, including Hybrid Infrastructure, Security, and Cloud Services. The integration aims to expand service offerings, improve profitability, and diversify CDW's portfolio. With an initial net leverage ratio of approximately 3.3x, CDW plans to reduce this to 2.5x to 3.0x by the end of 2022. Management believes that this merger will bolster customer relations and drive significant value for shareholders.

CDW Corporation (NASDAQ: CDW) announced a $2.5 billion offering of senior notes to fund its acquisition of Granite Parent Inc., the parent company of Sirius Computer Solutions, Inc. The offering is expected to close on December 1, 2021, contingent upon customary closing conditions. The notes will be guaranteed by CDW and its subsidiaries. Proceeds will also cover associated fees and expenses. CDW is a leading technology solutions provider, generating over $20 billion in net sales for the trailing twelve months ending September 30, 2021.

CDW Corporation (Nasdaq: CDW) announced plans to offer senior notes to fund its $2.5 billion acquisition of Granite Parent Inc., the parent company of Sirius Computer Solutions. Proceeds from the Notes Offering will also cover related fees and expenses. The offering is subject to market conditions and will be fully guaranteed by CDW and certain subsidiaries. J.P. Morgan, BofA Securities, and others are joint book-running managers for the offering. The press release includes forward-looking statements regarding the offering and acquisition, subject to various risks and uncertainties.

CDW Corporation (Nasdaq: CDW) announces a quarterly cash dividend of $0.50 per share, set to be paid on December 10, 2021. This dividend reflects a 25% increase over last year's amount, representing approximately 25% of the trailing-twelve-month Non-GAAP net income through September 30, 2021. This marks the eighth consecutive year of dividend growth since its IPO in June 2013, with an impressive compound annual growth rate of 36%. Since then, CDW has returned about $4.8 billion to shareholders through repurchases and dividends.

CDW Corporation reported robust Q3 2021 results, with net sales of $5.3 billion, an 11.4% increase from Q3 2020. Net income surged 38% to $267 million, translating to $1.91 per diluted share, up 43.2% year-over-year. The company experienced growth across all segments except Public, which saw a 6.1% decline. Operating income rose 21.6% to $386 million, bolstered by share repurchases. CDW anticipates high-teens growth in Non-GAAP net income per diluted share for 2021, reflecting confidence in its strategic direction and market performance.

CDW Corporation (Nasdaq: CDW) will host a webcast conference call to discuss its third quarter 2021 results on November 3, 2021, at 7:30 a.m. CT. Interested participants can access the live webcast via investor.CDW.com, where the press release and presentation slides will also be available beforehand. CDW is a major multi-brand provider of IT solutions, generating approximately $20 billion in net sales for the trailing twelve months ending June 30, 2021.

CDW Corporation announced a definitive agreement to acquire Sirius Computer Solutions for $2.5 billion. This acquisition aims to significantly enhance CDW's service and solution capabilities across technology sectors including hybrid infrastructure and cloud services. The combined entities would have had 2020 net sales of approximately $20.5 billion. The deal is expected to improve CDW's gross margin by 110 basis points and contribute $0.62 to non-GAAP earnings per diluted share. Closing is anticipated by December 2021, pending regulatory approvals.

CDW Corporation (Nasdaq: CDW) has announced participation in the Citi 2021 Global Technology Virtual Conference. CEO Christine A. Leahy, CFO Albert J. Miralles, and former CFO Collin B. Kebo will engage in a Q&A session on September 15, 2021, at 12:00 p.m. CT. The event will be webcast live, with an archived version available for a year on the CDW investor website. CDW, a Fortune 500 company, generated approximately $20 billion in net sales for the trailing twelve months ending June 30, 2021.