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It was announced today that the Board of Directors of International Game Technology (IGT), a global leader in driving technology innovations in the gaming industry, has authorised a new share repurchase program of up to $1 billion of the Company's outstanding common stock.
Furthermore, the Company has entered into a stock buyback agreement with Goldman, Sachs & Co., under which it will repurchase approximately $400 million of its common stock.
The accelerated stock buyback will be conducted as the first part of the Company's new $1 billion share repurchase authorisation. The remaining $600 million is currently anticipated to be utilised over the next 3 to 4 years.
These actions from the Boards of Director's demonstrate their confidence in, and IGT's continued dedication to, responsible capital deployment. Over $4 billion in cash has been returned to shareholders in share repurchases and dividends over the past decade.
IGT will fund the accelerated stock buyback using cash on hand and borrowings from the Company's revolving credit facility. A previously announced authorisation of $500 million will be replaced by the new $1 billion share repurchase authorisation.
Terms of the agreement state that on June 19, IGT will pay Goldman Sachs $400 million and will receive initial deliveries of approximately 21 million shares, representing a substantial majority of the shares expected to be retired over the course of the accelerated stock buyback.
For more information on the gaming market, see the latest research: Gaming Market Report
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