Verisk Analytics (VRSK) Enters $1.5B Accelerated Share Repurchase Agreement With Initial ~7.0M Share Delivery

Verisk Analytics Inc. (NASDAQ:VRSK) is one of the best NASDAQ stocks to buy according to hedge funds. On February 23, Verisk Analytics officially entered into accelerated share repurchase agreements to buy back $1.5 billion of its common stock. The transactions are being conducted with HSBC Bank USA and Wells Fargo Bank as the primary counterparties. Upon the inception of these agreements, the banks are expected to provide an initial delivery of ~7.0 million shares to the company.

This substantial move follows Verisk’s broader strategic goals as a data analytics and technology partner for the global insurance industry. The final number of shares retired through this initiative will be determined by the daily volume-weighted average price of Verisk’s common stock during the calculation period, minus a pre-negotiated discount. According to the terms, the final settlement for these transactions is anticipated to conclude no later than the end of the third fiscal quarter on September 30. Even after the completion of this $1.5 billion allocation, ~$1.0 billion remains available under the company’s previously authorized share repurchase program.

Verisk Analytics Inc. (NASDAQ:VRSK) maintains the flexibility to continue purchasing shares on the open market depending on prevailing market conditions. The company continues to focus its core operations on providing advanced data analytics and software to help insurance clients manage global risks, ranging from catastrophic events to climate change.

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Verisk Analytics Inc. (NASDAQ:VRSK) provides data analytics and technology solutions to the insurance industry in the US and internationally.