TriNet Group to Launch $1 Billion Stock Buyback Program

Dublin, California - TriNet Group, a leading provider of human-capital-management solutions, announced on Monday its plans to initiate a stock buyback program worth $1 billion. The program includes repurchasing shares held by their largest investor, Atairos Group.

Tender Offer Details

As a part of the buyback program, TriNet will launch a tender offer to buy back approximately 5.98 million shares at $107 per share. This offer represents a 6.6% premium over Friday's closing price of $100.41 per share. The company aims to buy back approximately $640 million worth of shares through this tender offer.

Atairos Group's Involvement

TriNet has also entered into an agreement with investment firm Atairos Group to repurchase around 3.36 million shares for $360 million. Atairos Group currently holds a considerable stake in TriNet, with ownership of nearly 21.5 million shares, accounting for a 36% stake.

Market Impact

With approximately 59.7 million shares outstanding, TriNet boasts a market capitalization of close to $6 billion. The announcement of the stock buyback program has already had a positive effect, as TriNet shares saw a 2.6% increase to $103 in premarket trading.