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NRG Energy nears 52-week high after $950M accelerated share buyback (NYSE:NRG)
NRG Energy (NYSE:NRG) +2.1% in early trading Monday, within pennies of a 52-week high, after announcing a $950M accelerated stock buyback program, which represents ~9.2% of the company’s market capitalization.
Under the accelerated share repurchase agreements, NRG Energy (NRG) will pay $950M to multiple dealers and receive NRG common shares from each dealer on specified settlement dates.
The company said it expects to receive more than 80% of the shares to be repurchased during the initial settlement period, with the final settlement of the transactions expected to occur in Q1 2024.
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