Arris Expands Share Repurchase Plan
SUWANEE, Ga. -- ARRIS International plc ("ARRIS") today provided additional information regarding its capital allocation and return plan in connection with investor meetings at the Jefferies Semiconductor, Hardware and Communications Infrastructure Summit in Chicago, IL.
The Company's plan includes:
- Intending to allocate at least two thirds of free cash flow going forward to share repurchases, subject to industry, market and other conditions;
- Expanding share repurchase authority from the approximately $350 million available as of August 1, 2018 to $725 million; and
- Reaffirming targeted minimum of $400 million of share repurchases in 2018
- $500 million available for additional repurchases after $400 million of repurchases in 2018 under increased authorization.
"Our capital allocation and return plan reflects the confidence we have in our business plan and the strength of our balance sheet, as well as our belief that our stock remains undervalued," said Bruce McClelland, CEO. "We continue to assess focused and accretive M&A as well as our business portfolio with a view to driving long-term shareholder value creation."
Arris Group Inc. (Nasdaq: ARRS)