Commercial payment solutions provider FleetCor Technologies Inc. entered into an accelerated share repurchase program with Bank of America NA to acquire $220 million of common shares under its current buyback authorization.
FleetCor expects to fund the repurchases with a mix of debt and cash. Around 85% of the shares slated for repurchase under the program will be bought back on Dec. 18 by the company, which expects all repurchases under the program to be completed by the end of the first quarter of 2019.
Following completion of the program, around $64 million will remain under the company's current buyback authorization.
The company bought back 1,769,954 shares for $345.4 million in the fourth quarter, according to a release.