Leidos Holdings, Inc. (NYSE: LDOS) said it has entered into an agreement with a financial institution for an accelerated stock repurchase transaction, whereby the company will purchase USD300m of its outstanding shares of common stock, with approximately 80% of the shares to be delivered in the near term.
The total number of shares ultimately purchased will be based on the share price of the company´s common stock over the averaging period set forth in the agreement. The agreement is expected to be complete no later than March of 2014.
Leidos is a science and technology solutions leader working to address some of the world´s toughest challenges in national security, health, and engineering. Leidos is headquartered in Reston, Va. For more information, visit www.Leidos.com.