Medline completes $3.5 billion secondary stock offering

Medline Inc. (NASDAQ: MDLN) completed a secondary offering of 86.25 million shares of Class A common stock at $41.00 per share, generating approximately $3.54 billion in proceeds for selling stockholders.

The selling stockholders included entities affiliated with Blackstone Inc., The Carlyle Group Inc., Hellman & Friedman LLC and a wholly owned subsidiary of the Abu Dhabi Investment Authority. Underwriters exercised their full option to purchase an additional 11.25 million shares.

Medline did not sell any shares in the offering and received none of the proceeds from the sale, according to the company's statement.

Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities and J.P. Morgan served as global coordinators and joint bookrunning managers for the offering. Additional bookrunning managers included Barclays, Citigroup, Deutsche Bank Securities, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP Paribas, MUFG, RBC Capital Markets, Santander, Societe Generale, TD Cowen, Wells Fargo Securities, Wolfe | Nomura Alliance, Leerink Partners, Macquarie Capital, Mizuho, Piper Sandler, Truist Securities and William Blair.

The Northfield, Illinois-based company describes itself as the largest provider of medical-surgical products and supply chain solutions serving healthcare providers. Medline employs more than 45,000 people worldwide and operates in more than 100 countries.

The Securities and Exchange Commission had previously declared effective a registration statement relating to the securities offered in the transaction.

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