Qualcomm to Buy Back $16 Billion in Stock in Accelerated Repurchase
13 Settembre 2018 - 12:48PM
Dow Jones News
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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