NVIDIA (NVDA) Accelerates $750M Share Repurchase

May 14, 2013 9:26 AM EDT
NVIDIA Corp (NASDAQ: NVDA) is up 1.8 percent early after entered into an accelerated share repurchase agreement with Goldman, Sachs & Co. to repurchase a total of $750 million of NVIDIA common stock. NVIDIA will acquire the shares under the ASR Agreement as part of its previously announced intention to return in excess of $1 billion to shareholders in the current fiscal year.

Under the ASR Agreement, NVIDIA will pay $750 million and will receive a majority of the shares underlying the ASR Agreement during the second quarter of fiscal year 2014. Any remaining shares to be repurchased under the ASR Agreement, if any, will be based generally on the daily volume-weighted average price of NVIDIA common stock during the term of the ASR Agreement, subject to certain adjustments pursuant to the terms and conditions of the ASR Agreement.

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