Cigna Corp (CI) has released an update.
Cigna Group has embarked on a significant $3.2 billion stock buyback through accelerated share repurchase agreements with Deutsche Bank and Bank of America. This move, part of an existing repurchase program, will initially deliver 7.6 million shares to Cigna. The final number of shares bought back will depend on the average share price during the agreement period. The process, which includes various customary terms and potential adjustments, is set to conclude in the second quarter of 2024. This strategic financial step was formally announced by Cigna in a press release on February 15, 2024.
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