FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Citrix Systems, Inc. (NASDAQ:CTXS) today announced that as part of its capital return program it has entered into accelerated share repurchase transactions with each of Goldman Sachs & Co. LLC and Wells Fargo Bank, National Association to repurchase an aggregate of $1 billion of its common stock.
David Henshall, President and CEO of Citrix, stated, “At Citrix, we have a long track record of returning capital to shareholders, which reflects our focus on growing the business and driving long-term sustainable value. The ASR demonstrates a commitment to strong capital return for our shareholders and the future of Citrix.”
Under the terms of the ASR transactions, Citrix will receive an aggregate initial share delivery of approximately 6.53 million shares, with the remainder, if any, delivered upon completion of the transactions. The purchase price per share under each ASR transaction is expected to be based on the volume-weighted average price of Citrix’s common stock during the term of the ASR, less a discount. The exact number of shares repurchased pursuant to each ASR transaction will be determined based on such purchase price.
The ASR transactions were entered into pursuant to Citrix’s existing share repurchase program. Citrix previously announced that its board of directors had increased its repurchase authority by $1 billion in January 2020 which brought its total then-remaining repurchase authorization to approximately $1.75 billion. After taking into account the $1 billion shares repurchased pursuant to this ASR, Citrix will have approximately $750 million of remaining share repurchase authorization available.
About Citrix
Citrix (NASDAQ:CTXS) is powering a better way to work with unified workspace, networking, and analytics solutions that help organizations unlock innovation, engage customers, and boost productivity, without sacrificing security. With Citrix, users get a seamless work experience and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments. Citrix solutions are in use by more than 400,000 organizations including 99 percent of the Fortune 100 and 98 percent of the Fortune 500. Learn more at www.citrix.com.
