BPOP - Popular enters $350M accelerated share repurchase agreement

Popular ([[BPOP]] +2.0%) has entered into an accelerated share repurchase agreement to repurchase an aggregate of $350M of Popular’s common stock. Under the terms, on May 4, 2021 the Co. will make an initial payment of $350M and receive an initial delivery of 3,785,831 shares of Popular’s Common Stock. As a result of the receipt of the Initial Shares, the Co. will recognize in shareholders’ equity ~$280M in treasury stock and $70M as a reduction of capital surplus.The final settlement is expected to occur no later than Q3 2021.

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Popular enters $350M accelerated share repurchase agreement