Global Payments (GPN) Enters $50M Accelerated Stock Buyback Agreement

April 26, 2016 9:03 AM EDT

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Global Payments Inc. (NYSE: GPN) announced that it has entered into an accelerated share repurchase (ASR) agreement with Goldman, Sachs & Co. to repurchase an aggregate of $50 million of the company's common stock.

Under the terms of the ASR, the company expects to receive an initial delivery of shares having a value of approximately $40 million. The total number of shares ultimately repurchased under the agreement will be determined upon final settlement and will be based on the volume-weighted average price of the company's common stock during the repurchase period. The company anticipates that all repurchases under the ASR will be completed no later than June 30, 2016.

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