By Colin Kellaher

 

American International Group Inc. on Tuesday said it signed an accelerated share-repurchase agreement with Citibank N.A. for $500 million of common stock.

The New York insurance giant said the accelerated buyback is part of the $2 billion repurchase authorization it announced earlier this month.

AIG said it expects to receive initial delivery of about 7.66 million shares on Tuesday, representing roughly 70% of the shares initially underlying the agreement.

AIG, which has about 870 million shares outstanding, sports a market capitalization of roughly $39.76 billion based on Monday's closing price of $45.70.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

February 25, 2020 07:13 ET (12:13 GMT)

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