Wex enters $300M accelerated share repurchase agreement

Wex announced it has entered into an accelerated share repurchase, or ASR, agreement with JPMorgan Chase Bank, National Association to repurchase an aggregate of $300M of Wex‘s outstanding common stock. Wex entered into the ASR under its existing $1.05B amended share repurchase authorization, which was announced in February. Under the ASR, WEX will make an initial payment of $300M to JPMorgan and will receive an initial delivery of approximately 1.3M shares of its common stock, based on the $180.44 closing stock price of Wex’s common stock on July 26 representing approximately 80% of the total shares WEX expects to repurchase under the ASR. The final number of shares to be repurchased will be based on the average of the daily volume-weighted average prices of Wex’s common stock during the term of the ASR, less a discount and subject to customary adjustments pursuant to the terms and conditions of the ASR agreement. The final settlement of the ASR is expected to be completed in the fourth quarter, subject to acceleration at JPMorgan’s discretion. As of July 19, Wex had approximately 41.1M common shares outstanding.