ARLINGTON, Va.--(BUSINESS WIRE)--CACI International Inc (NYSE: CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced today that, under its previously announced $500 million accelerated share repurchase (ASR) authorization, the company has entered into an accelerated share repurchase agreement to repurchase $500 million of common stock. This equates to approximately 2.1 million shares, at the closing price on March 11, 2021, representing approximately 8% of CACI’s outstanding common stock. On March 16, 2021, CACI will receive an initial delivery of approximately 1.7 million shares with the final number of shares to be repurchased under the ASR based on the average of the daily volume-weighted average prices of CACI common stock during the repurchase period, less a discount and subject to adjustments pursuant to the terms of the ASR agreement. The company anticipates that all repurchases under the ASR will be completed before the end of the fourth quarter of calendar year 2021.
CACI expects to have ample financial capacity to sustain internal investments that enhance growth, innovation, and differentiation, continue its strategic M&A program, execute additional opportunistic share repurchases, or utilize other capital allocation strategies in addition to completing the $500 million ASR.
John Mengucci, CACI’s President and CEO, said, “This accelerated share repurchase transaction is the next step in a more opportunistic and flexible capital deployment strategy and demonstrates our confidence in CACI’s strategy and future growth prospects. It also reflects our commitment to deliver value to our shareholders.”
About CACI
CACI’s approximately 23,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World’s Most Admired Company. As a member of the Fortune 1000 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.
