Newell Brands To Repurchase $275M Of Its Shares From Icahn Enterprises

Newell Brands Inc 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.