Northrop Grumman in $500 Million Accelerated Share Repurchase Deal

By Stephen Nakrosis

Northrop Grumman Corp. on Thursday said it entered an accelerated share repurchase deal with Bank of America N.A. to repurchase $500 million of the company's common stock.

Under the terms of the deal, Northrop expects to receive about 900,000 shares on Feb. 6, which represents about 80% of the expected share repurchases under the agreement.

"The final number of shares to be repurchased through the ASR will be based on Northrop Grumman's volume-weighted average price during the term of the transaction, less a discount, and is expected to be completed no later than the second quarter of 2023," the company said.

The deal will be completed under Northrop's current share repurchase authorization, which has about $2.5 billion remaining, the company said.

Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

02-02-23 1749ET