Core & Main, Inc. (NYSE:CNM) announces a share repurchases program. Under the program, the company will repurchase up to 5,000,000 shares, representing 2.42% of its share capital. The company will repurchase 3,125,728 shares of its class A common stock at the same per share price to be paid by the underwriter to the selling stockholders in the offering and 1,874,272 class B common stock for no consideration.

The Class A shares will be repurchased from selling stockholders CD&R Fund X Advisor Waterworks B, L.P, CD&R Fund X Waterworks B1, L.P. and CD&R Fund X-A Waterworks B, L.P and class B shares from CD&R Waterworks Holdings, LLC. The repurchases will be funded with cash on hand, combined with borrowings under the ABL Credit Facility. The closing of the repurchase is subject to the closing of the offering.

As of January 19, 2024, the company had 187,373,460 Class A common stock outstanding and 18,919,862 Class B common stock outstanding.