Intel Enters $10 Billion Accelerated Share Repurchase Agreements
August 19 2020 - 06:15PM
Dow Jones News
By Stephen Nakrosis
Intel Corp. on Wednesday said it entered accelerated share
repurchase agreements to buy back an aggregate $10 billion of the
company's common stock.
The deals will see Intel receive an initial share delivery of
166 million shares, with final settlement scheduled to occur by the
end of 2020.
Intel said the purchases are part of a previous $20 billion
stock buyback plan, which the company announced in October. The
company suspended stock repurchases in March, but also said it
"believes that its common stock is at the time of this announcement
trading well below intrinsic valuation, and that these repurchases
are prudent at this time, given the strength of the company's
balance sheet."
Intel is funding the share repurchases with existing cash
resources, it said.
After the accelerated share repurchase agreements are completed,
Intel said, it will have repurchased $17.6 billion in shares as
part of the $20 billion share repurchase.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
August 19, 2020 18:00 ET (22:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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