© Reuters KLA Corporation Announces $3 Billion Share Repurchase Agreements
By Sam Boughedda
KLA-Tencor Corporation (NASDAQ:) announced Friday that it has entered into accelerated share repurchase agreements with Goldman Sachs and Citibank.
The repurchase agreements are for $3 billion of KLA’s common stock. Furthermore, KLA said the accelerated share repurchases were entered into according to KLA’s previously announced share repurchase programs, under which approximately $3.233 billion of share repurchase authorization will remain.
The semiconductor manufacturing company will pay the $3 billion to Goldman Sachs and Citi and will receive an initial approximately 6.54 million shares of its common stock, with any remaining shares delivered upon the final settlement under the agreement, which is planned to occur in KLA’s second fiscal quarter ending December 31, 2022.
The number of shares repurchased will be based on the volume-weighted average price of KLA’s common stock during the terms of the agreements.
KLA Corporation stock rallied 5% Friday.
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