KLA launches $3B accelerated share repurchase agreements
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KLA (NASDAQ:KLAC) entered into accelerated share repurchase agreementsÂ with Goldman Sachs and Citibank for repurchasing $3B of KLA's common stock.
The agreementsÂ were entered into post the company's earlier announced share repurchase programs, wherein ~$3.23B of share repurchase authorization will remain.
Under the agreement, the company will make payments to the financial institutions and will receive initial deliveries of ~6.55M shares with any remaining shares expected to be delivered on the final settlement under the agreement which is scheduled to occur in KLA's FQ2 ending Dec.31, 2022.
In premarket, sharesÂ garnered 1.4% gains.