AECOM announces initial $150 million accelerated share repurchase agreement
August 09 2018 - 8:30AM
Business Wire
AECOM (NYSE:ACM), a premier, fully integrated global
infrastructure firm, today announced it has entered into an
accelerated share repurchase agreement with JPMorgan Chase Bank,
National Association (JPMorgan) to repurchase $150 million of its
common stock. This transaction will enable the Company to reduce
its outstanding share count shortly after execution of the
agreement, and reflects the initial repurchase under its
previously-announced $1 billion authorization by the Board of
Directors last September.
“We are executing share repurchases as a result of the existing
momentum underpinning our business and our confidence in its
long-term trajectory," said Michael S. Burke, AECOM’s chairman and
chief executive officer. "Our strong business fundamentals create a
compelling opportunity to redirect cash flow to repurchases, as
part of our commitment to driving substantial value for AECOM and
our shareholders.”
Under the accelerated share repurchase agreement, AECOM will
provide $150 million to JPMorgan and will receive a substantial
percentage of the repurchased shares upfront while the final share
amount will be determined based upon the average of the daily
volume weighted average prices of AECOM's common stock over the
term of the agreement. AECOM expects the accelerated share
repurchase agreement to be completed in the first quarter of fiscal
year 2019. At settlement, AECOM may be entitled to receive
additional shares of common stock from JPMorgan or, under certain
circumstances, may be required to issue additional shares or make a
cash payment to JPMorgan at AECOM's option.
About AECOM
AECOM (NYSE:ACM) is built to deliver a better world. We design,
build, finance and operate infrastructure assets for governments,
businesses and organizations in more than 150 countries. As a fully
integrated firm, we connect knowledge and experience across our
global network of experts to help clients solve their most complex
challenges. From high-performance buildings and infrastructure, to
resilient communities and environments, to stable and secure
nations, our work is transformative, differentiated and vital. A
Fortune 500 firm, AECOM had revenue of approximately $18.2 billion
during fiscal year 2017. See how we deliver what others can only
imagine at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this press release other than statements of
historical fact are "forward-looking statements" for purposes of
federal and state securities laws, including the impact of the
accelerated share repurchase agreement, the number of common stock
shares acquired under the accelerated share repurchase agreement,
the future expectations of the business and its impact on
shareholder value, as well as other future business conditions.
Actual results could differ materially from those projected or
assumed in any of our forward-looking statements. Important risk
factors that could cause actual results to differ materially from
our forward-looking statements are set forth in AECOM’s periodic
report on Form 10-Q for the quarter ended June 30, 2018, and other
reports filed with the U.S. Securities and Exchange Commission.
AECOM does not intend, and undertakes no obligation, to update any
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20180809005150/en/
AECOMInvestors::Will Gabrielski, 213-593-8208Vice
President, Investor
RelationsWilliam.Gabrielski@aecom.comorMedia:Brendan
Ranson-Walsh, 213-996-2367Vice President, Global Communications
& Corporate ResponsibilityBrendan.Ranson-Walsh@aecom.com
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