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  • Satellite Evolution Group

Northrop Grumman announces $1 billion accelerated share repurchase agreement

Northrop Grumman Corporation announced that it has entered into an accelerated share repurchase (ASR) agreement with Morgan Stanley & Co. LLC to repurchase $1 billion of Northrop Grumman’s common stock. The company continues to target returning well over 100% of its free cash flow to shareholders through dividends and share repurchases in 2024.

Under the ASR agreement, Northrop Grumman expects to receive an initial delivery of approximately 1.8 million shares on Jan. 31, representing approximately 80 percent of the expected share repurchases under the ASR agreement, based on the company’s closing price of $438.31 on January 29, 2024. The final number of shares to be repurchased through the ASR will be based on Northrop Grumman’s volume-weighted average price during the term of the transaction, less a discount, and is expected to be completed no later than the second quarter of 2024. The ASR will be completed under the company’s current share repurchase authorization, which currently has approximately $3.6 billion remaining.

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