NASDAQ board approves $300 million share repurchase, stock up 3%
NASDAQ board approves $300 million for share repurchase, stock up 3%
NASDAQ OMX Group (NASDAQ:NDAQ) said on Wednesday that its board has approved to buy back $300 million of its own common stock to return excess capital to its shareholders.
Shares of NASDAQ rose 80 cents, or 3.19 percent, rising to $25.87 Wednesday morning on the Nasdaq market.
The securities exchange operator said it plans to use existing cash to repurchase its shares. Purchases may be made from time to time at current market prices in the open market, privately negotiated transactions, or block purchase techniques, it said.
In a statement, NASDAQ OMX's chief financial officer, Lee Shavel, said: "We expect to continue to deliver strong returns to shareholders through both return of excess capital and growth through leverage of our core platform and services and successful ongoing investment in new initiatives."
Further, the company said it will make a debt prepayment of $109 million in addition to the $11 million quarterly payment. Debt payments in the fourth-quarter are expected to total about $120 million.
The group, the world's largest stock exchange, offers trading across multiple asset classes including equities, derivatives, commodities and structured products and exchange funds.
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