As part of an overall stock buyback scheme, Merck has launched an accelerated repurchase program to buy shares held by Goldman Sachs. All told, the pharmaceutical company will purchase $5 billion worth of its stock from the investment bank.
That figure equates to roughly 99.5 million shares. The transaction is expected to be completed by Nov. 25 of this year.
Merck has been quite busy in the stock buyback sphere of late. As of April 30, the firm's total outstanding authorization for such activity stood at $16.1 billion. In the first four months of this year, it bought back around 17.8 million shares, spending $772 million to do so.
The article Merck Enters Share Repurchase Agreement With Goldman Sachs originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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