- Newell Brands Inc (NASDAQ:NWL) has agreed to repurchase about $275 million of its common shares owned by Carl C. Icahn and his associates.
- Newell will buy back the shares at a purchase price of $25.86 per share, the closing price of its shares on February 18, 2022.
- The company will use cash on hand and its existing credit facility to fund the share repurchase. It held $477 million in cash and equivalents as of December 31, 2021.
- The company expects to close the share repurchase no later than February 25, 2022.
- Consequent to the buyback, Icahn and affiliates are expected to own about 33 million common shares of Newell Brands, representing approximately 8% of the company's outstanding shares.
- This share repurchase will be made pursuant to the existing authorization under its $375 million share repurchase program associated with the planned sale of the Connected Home & Security business.
- Price Action: NWL shares are trading lower by 1.53% at $25.47 on the last check Tuesday.
