AT&T: launches 4 billion dollar accelerated share buyback
(CercleFinance.com) - AT&T plans to repurchase 4 billion dollars of its own shares through an accelerated share repurchase agreement, the US number two wireless operator said on Wednesday.
The company has entered into a definitive agreement with Morgan Stanley to repurchase 4 billion dollars of its common stock, beginning in the second quarter, the carrier said.
The move follows a similar 4 billion dollar deal, under which the company will cancel shares in the current quarter.
Repurchases under the new agreement will begin in April, AT&T said.
AT&T previously said that it intended to use between 50% and 70% of free cash flow after dividends to retire about 70% of the shares it issued to fund the acquisition of Time Warner by the end of 2022.
The company also said that it remains confident in achieving its 2020 and long-term guidance. AT&T expects wireless service revenues to increase by over 2% in 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company has entered into a definitive agreement with Morgan Stanley to repurchase 4 billion dollars of its common stock, beginning in the second quarter, the carrier said.
The move follows a similar 4 billion dollar deal, under which the company will cancel shares in the current quarter.
Repurchases under the new agreement will begin in April, AT&T said.
AT&T previously said that it intended to use between 50% and 70% of free cash flow after dividends to retire about 70% of the shares it issued to fund the acquisition of Time Warner by the end of 2022.
The company also said that it remains confident in achieving its 2020 and long-term guidance. AT&T expects wireless service revenues to increase by over 2% in 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.