Qualcomm Incorporated Buyback
OLI recorded this information on 9/13/2018
Qualcomm Incorporated (NASDAQ: QCOM) today announced that it has entered into accelerated share repurchase agreements (ASR Agreements) with each of Bank of America, N.A., Citibank, N.A. and Morgan Stanley & Co. LLC to repurchase an aggregate of $16 billion of Qualcomm's common stock, with an initial delivery to Qualcomm of approximately 178 million shares in the aggregate. The final number of shares to be repurchased will be based on the volume-weighted average price of Qualcomm's common stock during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. Qualcomm is funding the accelerated share repurchase with existing cash resources.
Qualcomm is engaged in the development and commercialization of foundational technologies for the wireless industry. Co.'s reportable segments include: Qualcomm CDMA Technologies, which is a developer and supplier of integrated circuits and system software based on third generation/fourth generation/fifth generation and other technologies; Qualcomm Technology Licensing, which grants licenses or otherwise provides rights to use portions of Co.'s intellectual property portfolio, which, among other rights, includes certain patent rights essential to and/or useful in the manufacture, sale and/or use of certain wireless products; and Qualcomm Strategic Initiatives, which makes investments.
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Buy (3.21 out of 4)