Con Edison Announces $1 Bln Accelerated Share Repurchase

(RTTNews) - Consolidated Edison Inc. (ED) said that it has reached accelerated share repurchase agreements with two dealers to repurchase $1 billion in aggregate of its common shares.

Con Edison noted that it is funding the repurchases under the accelerated share repurchase agreements from a portion of the proceeds from the sale of Con Edison Clean Energy Businesses, Inc

Con Edison said it will make payments of $1 billion in aggregate to the dealers on March 7, 2023 and will receive about 8.7 million shares of Con Edison common shares in aggregate on the same day.

The final settlement of the transactions under the accelerated share repurchase agreements is expected to occur no later than the third quarter of 2023.