Constellation Brands in Accelerated Buyback Agreement
June 30 2021 - 9:25AM
Dow Jones News
By Matt Grossman
Constellation Brands Inc. is entering an accelerated
share-repurchase agreement to buy back $500 million of Class A
shares, the alcoholic-beverages company said Wednesday.
Constellation will receive approximately 1.7 million shares on
July 2. That figure represents about 80% of the estimated share
repurchases under the agreement, based on the June 29 closing price
of Constellation stock, the company said.
The shares will be paid for primarily with cash on hand and the
transaction will be completed under the company's current
share-repurchase authorization, which had about $3.4 billion
remaining before the new agreement.
Goldman Sachs & Co. LLC will facilitate the repurchases,
Constellation said. The plan will not change Constellation's
guidance for adjusted earnings of $10 a share to $10.30 a share in
the 2022 fiscal year, the company added.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
June 30, 2021 09:20 ET (13:20 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Constellation Brands (NYSE:STZ)
Historical Stock Chart
From Aug 2024 to Sep 2024
Constellation Brands (NYSE:STZ)
Historical Stock Chart
From Sep 2023 to Sep 2024