Aon plc (NYSE:AON) ('Aon') announced today that its Board of Directors has authorized a new $5.0 billion share repurchase program.
The program is in addition to Aon's existing share repurchase program previously authorized in February 2017, which had approximately $1.1 billion of remaining authorization, as of September 30, 2020. Aon intends to complete the existing program before repurchasing shares under the newly authorized program.
'We are committed to maintaining our strong position of financial stability and flexibility, while continuing to allocate capital to the highest ROIC opportunities,' said Greg Case, Chief Executive Officer. 'Today's announcement demonstrates our conviction in our colleagues' ability to drive long-term growth of the firm, which we believe will be further accelerated by our pending combination with Willis Towers Watson and result in significant shareholder value creation.'
Including the newly authorized program, up to $6.1 billion of Aon's Class A ordinary shares may be purchased from time to time on the open market, in block trades, in privately negotiated transactions, pursuant to Rule 10b5-1 plans or otherwise, depending on market conditions or other factors. The program does not obligate Aon to acquire any particular amount of shares and may be suspended or discontinued at any time.
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