IGT enters stock buyback agreement with Goldman Sachs
US-based slot company IGT has entered into an accelerated stock buyback agreement with Goldman Sachs, under which it will repurchase approximately $400m of its common stock. The accelerated stock buyback will be conducted as the first part of the company’s new $1bn share repurchase authorisation. The remaining $600m is currently anticipated to be utilised over the next three to four years.
The company released a statement saying: “These actions demonstrate the board of directors’ confidence and IGT’s continued dedication to responsible capital deployment. Over the past 10 years, IGT has returned over $4bn in cash to shareholders in share repurchases and dividends.”
IGT will fund the accelerated stock buyback using cash on hand and borrowings from its revolving credit facility.