Carrier Global To Repurchase $500 Mln Of Common Stock

(RTTNews) - Carrier Global Corp. (CARR) said that it has entered into an accelerated share repurchase agreement with Goldman Sachs & Co. LLC to repurchase $500 million of the company's common stock.

The company plans to use part of the proceeds from the sale of the Chubb business to finance the purchases of shares under the ASR. The ASR was entered into pursuant to the company's share repurchase program, under which $1.6 billion remained available as of December 31, 2021 and $1.1 billion will remain available after giving effect to the ASR.

Under the accelerated share repurchase, the company will make an initial payment of $500 million to Goldman Sachs and will receive an initial delivery of about 7.6 million shares of the company's common stock on January 4, 2022. The final settlement of the ASR is expected to be completed in the first quarter of 2022.