Humana Inc. has entered into an accelerated stock repurchase agreement with Citibank NA to repurchase $1.0 billion of its common shares.
Under the agreement, Humana expects to receive an initial delivery of 2,695,872 of its common shares from Citibank. All common shares delivered to Humana under the agreement will be held in treasury or retired. Final settlement of the agreement is expected to occur in the fourth quarter.
The agreement is part of Humana's $3.0 billion share repurchase program.