The Cigna Group said it entered into accelerated share repurchase agreements with Deutsche Bank AG and Bank of America, N.A. on February 14, 2024, under which it will buy $3.2 billion of common stock as part of its existing share repurchase program.

1. 01

   The Cigna Group said it entered into accelerated share repurchase agreements with Deutsche Bank AG and Bank of America, N.A. on February 14, 2024, under which it will buy $3.2 billion of common stock as part of its existing share repurchase program.

2. 02

   The company said it will receive an initial delivery of about 7.6 million shares on February 15, 2024 in exchange for a $3.2 billion prepayment. It said the final number of shares it repurchases will be based on the volume-weighted average price over the contract term, less a discount and subject to adjustments.

3. 03

   The company said final settlement is expected to occur in Q2 2024. Under certain circumstances, the dealers may deliver additional shares to the company. In other cases, the company may be required to deliver shares or cash to the dealers at its discretion.

4. 04

   The company said the remaining authorization under its existing share repurchase program was $10.6 billion as of February 13, 2024. It also said it plans to repurchase $5 billion of common stock in the first half of 2024, including this ASR.

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Original filing

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