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Benzinga
Benzinga
Business
Akanksha Bakshi

FedEx Enters $1.5B Accelerated Share Repurchase Agreement

  • FedEx Corp (NYSE:FDX) has entered an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC as part of its previously announced share repurchase programs.
  • As per the terms of ASR, FedEx has agreed to repurchase an aggregate of $1.5 billion of its common stock with an initial delivery of ~4.8 million shares based on current market prices.
  • The company expects to complete the purchases under the ASR before the end of its current fiscal year.
  • FedEx's board recently authorized a new $5 billion share repurchase plan. The new plan is in addition to the program announced in 2016, allowing the repurchase of up to 25 million shares, of which 2.3 million shares remain available.
  • The company ended the second quarter with $6.8 billion in cash.
  • Price Action: FDX shares are trading lower by 1.29% at $247.10 on the last check Monday.
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