Azenta Enters ASR Agreement With JP Morgan Chase Bank To Repurchase $500 Mln Of Stock

(RTTNews) - Azenta, Inc. (AZTA) announced it has entered into an accelerated share repurchase agreement with JP Morgan Chase Bank, N.A. to repurchase $500 million of the company's common stock. Under the ASR, the company will make an initial payment of $500 million to the Dealer and will receive an initial delivery of approximately 6.1 million shares on November 28, 2022. The final settlement is expected to be completed by the end of the third quarter ended June 30, 2023.

The company also intends to repurchase at least an additional $500 million in common stock over the next year.

Azenta noted that the ASR was entered into pursuant to the previously announced $1.5 billion share repurchase authorization.