Cognizant Technology Solutions Corp. entered into an accelerated share repurchase agreement to buy back $300 million worth of its Class A common stock from Société Générale SA.
The company will repurchase around 3.04 million shares. The exact number will depend on the volume-weighted average stock price of Cognizant's Class A common share plus a discount and will be subject to potential adjustments based on the terms of the agreement.
The agreement is part of a $3.4 billion share repurchase program that will be funded through cash on hand and an existing credit facility. The final settlement of the transaction under the deal is expected to take place in the second quarter.
