Shares of Academy Sports & Outdoors Inc. ASO, -1.95% edged up 0.1% in premarket trading Monday, even after the sporting goods retailer disclosed that affiliates of Kohlberg Kravis Roberts & Co. L.P. is selling off its entire 18.65 million-share stake to the public. That stake, which would be valued at $852.85 million at Friday’s closing stock price of $45.74, represented 20.1% of the shares outstanding and had made KKR the company’s largest shareholder. Academy said it intends to repurchase up to $200 million worth of KKR’s offering, as part of its recently announced $500 million stock repurchase program. The stock, which rallied 3.8% on Friday to a record close after the company reported second-quarter results, went public in October 2020. It has soared 120.7% year to date through Friday, while the S&P 500 SPX, +0.36% has gained 18.7%.
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