By Colin Kellaher 
 

Qualcomm Inc. (QCOM) on Thursday said it agreed to buy back $16 billion worth of common stock in an accelerated repurchase as it moves forward with a $30 billion buyback program.

The San Diego chip maker said it expects initial delivery of about 178 million shares under accelerated repurchase agreements with Bank of America N.A., Citibank N.A. and Morgan Stanley & Co.

Qualcomm in July announced the $30 billion buyback program after scrapping its bid to buy NXP Semiconductors NV (NXPI). The company then launched a modified Dutch auction for $10 billion of stock, but shareholders only tendered $5.1 billion worth of shares.

Qualcomm said it is on track to complete a large majority of the $30 billion program by the end of fiscal 2019.

Shares of Qualcomm closed Wednesday at $71.75.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

September 13, 2018 06:33 ET (10:33 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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