EPAM Systems enters accelerated share repurchase agreement to buy $300 million of its common stock.
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TL;DR
EPAM Systems has signed an accelerated share repurchase agreement with Morgan Stanley to buy back $300 million of its common stock, authorized under its existing $1.0 billion repurchase plan. CEO Balazs Fejes states this move aims to enhance value, as the current stock price undervalues the company's strength and future potential.
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Epam SystemsEPAM Systemsshare repurchaseaccelerated share repurchaseMorgan Stanleystock buyback
EPAM Systems has entered into an accelerated share repurchase agreement with Morgan Stanley to repurchase $300 million of its common stock. The ASR was authorized under the company's existing $1.0 billion share repurchase authorization. EPAM's CEO, Balazs Fejes, believes the current valuation does not reflect the strength and future potential of the business, and this action is a value-enhancing use of capital.
