Edwards Lifesciences announced on Feb. 4 that it had agreed to repurchase $325 million of its common stock from Morgan Stanley & Co. Edwards is funding the accelerated share repurchase using available cash, according to a news release.
The repurchase is part of Edwards’ previously announced program to repurchase up to $750 million of its common stock. Initially, Morgan Stanley will deliver 3.2 million shares to Edwards. The final number of shares will be based on the volume weighted average share price of Edwards’ common stock during the accelerated share repurchase agreement period, which the company said could last up to 10 months.
In November, Edwards announced a two-for-one split of the company’s common shares of stock, its first stock split since May 2010.
As of the morning of Feb. 5, Edwards’ common stock was trading at $83.28 per share, close to its 52-week high of $84.84 per share.