L Catterton Agrees to Sell $100 Million of Shares Back to ODDITY
ODDITY Tech Ltd. (ODD)
Company Research
Source: GlobeNewswire
NEW YORK, Nov. 13, 2024 (GLOBE NEWSWIRE) -- ODDITY Tech Ltd. (NASDAQ: ODD) today announced that it has entered into a transaction with a fund managed by L Catterton (“L Catterton”) to repurchase approximately 2.35 million Class A Ordinary Shares (the “Shares”) of the Company for a total cash consideration of approximately $100 million, at a purchase price of $42.501 per share. The transaction will be funded from the Company’s existing cash resources. ODDITY’s board of directors determined that the repurchase is in the best interest of the Company given the significant strength of the Company’s balance sheet and the prevailing circumstances. The transaction is independent of the Company’s standing share buyback plan—announced on June 7, 2024, and authorizing the Company to purchase up to $150 million of the Company’s shares over 3 years—which will continue as planned subject to its terms, including the availability of distributable funds. After the closing of the transaction, L Cat
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