Private Equity-Sponsored CDW Corporation (CDW) Prices IPO at $17, Low-End of Range

June 27, 2013 9:49 AM EDT
CDW Corporation (NASDAQ: CDW) priced its initial public offering of 23,250,000 shares of common stock at a price to the public of $17.00 per share, the low end of the expected $17-$18 range. The shares will begin trading on the NASDAQ Global Select Market on June 27, 2013 at approximately 10:20AM ET under the ticker symbol "CDW."

J.P. Morgan, Barclays and Goldman, Sachs & Co. are serving as joint book-running managers in the IPO. Additional book-running managers are Deutsche Bank Securities and Morgan Stanley. Robert W. Baird & Co. Incorporated, Raymond James & Associates, Inc., William Blair & Company, L.L.C., Needham & Company, LLC, Stifel, Nicolaus & Company, Incorporated, Loop Capital Markets LLC and The Williams Capital Group, L.P. are also acting as managing underwriters of the offering.

CDW is a Fortune 500 company and a leading provider of integrated information technology solutions in the U.S. and Canada.

In 2012, net sales, Adjusted EBITDA, net income and non-GAAP net income were $10.1 billion, $767 million, $119 million and $247 million, respectively. For the three months ended March 31, 2013, net sales, Adjusted EBITDA and non-GAAP net income were $2.4 billion, $179 million and $56.3 million, respectively.

CDW Corporation was a public company from 1993 until October 2007, when we were acquired by newly formed entities controlled by Madison Dearborn Partners and Providence Equity Partners in a transaction valued at approximately $7.4 billion.

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Deutsche Bank, William Blair, JPMorgan, Raymond James, Morgan Stanley, Robert W Baird, Needham & Company, Barclays, Providence Equity Partners, Madison Dearborn Partners

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