JWCA advises Chegg Inc on its $150 million accelerated share repurchase

FEBRUARY 2023 | read press release

J. Wood Capital Advisors acted as financial advisor to Chegg, Inc. (“the “Company”), and led the execution of the Company’s third accelerated share repurchase program

• Assisted the Chegg team with ASR design and maturity objectives

• Created a process to achieve the best terms for Chegg:

  • Led an auction process to drive Company-friendly pricing and achieve the largest possible discount

  • Reviewed the documents to ensure company-friendly provisions

• Provided advice, support and analysis during the execution

Results

• The auction process allowed the Company to achieve a meaningful discount at a transaction size of $150mm

• Chegg’s shares outstanding were immediately reduced by ~7.6mm shares, ~6% of their shares outstanding

• This is JWCA’s third advisory assignment for Chegg, having previously advised the Company on its $1,000mm 0% convertible and capped call offering in August 2020 and $300mm ASR in February 2022