NVIDIA (NVDA) Enters $500M Accelerated Stock Buyback Agreement with Barclays
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NVIDIA (NASDAQ: NVDA) disclosed the following on Wednesday:
On March 22, 2016, NVIDIA Corporation (“NVIDIA”) entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Barclays Bank PLC (“Barclays”). NVIDIA will acquire the shares under the ASR Agreement as part of its previously announced intention to return $1 billion to shareholders through ongoing quarterly cash dividends and share repurchases in the current fiscal year.
Pursuant to the terms of the ASR Agreement, NVIDIA will pay $500 million to Barclays and receive 12,108,715 shares of NVIDIA common stock from Barclays. At settlement, Barclays may be required to deliver additional shares of common stock to NVIDIA, or, under certain circumstances, NVIDIA may be required to deliver shares of its common stock or may elect to make a cash payment to Barclays, based on the average of the daily volume-weighted average price of NVIDIA common stock during the term of the ASR Agreement.
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