Tradeweb announces $300M share repurchase program
Global operator of electronic marketplaces for rates, credit, equities and money markets Tradeweb Markets Inc. (NASDAQ:TW) today announced that its Board of Directors has approved a share repurchase program.
The company is authorized to repurchase up to $300 million in shares of its Class A common stock, either in the open market, through privately negotiated transactions, through accelerated share repurchases or through the use of trading plans, each in accordance with applicable securities laws and other restrictions. The manner, timing and amount of any purchase will be based on an evaluation of market conditions, stock price and other factors.
The program has no termination date, may be suspended or discontinued at any time and does not obligate the company to acquire any amount of Class A common stock.
Sara Furber, Chief Financial Officer, Tradeweb, commented:
“We believe this share repurchase program is a timely and appropriate use of capital resources, reflecting the Board’s and management’s confidence in our business, the company’s strong balance sheet, and the strong cash-generative nature of our business. The new program will permit us to continue to offset annual dilution from stock-based compensation plans, as well as opportunistically repurchase our stock. The program is an important part of our overall capital management strategy to return value to shareholders, which includes investments in the business, M&A opportunities, share repurchases, and our regular quarterly dividend.”