By Colin KellaherFedEx has inked a $1 billion accelerated share-repurchase agreement with Mizuho Markets Americas as part of the package-delivery giant's stock buyback program. The Memphis, Tenn.-based company on Tuesday said it expects an initial delivery of about 3.2 million shares, with final settlement by the end of February. FedEx, which had nearly 250 million shares outstanding as of Dec. 18, sports a market capitalization of around $62 billion based on Friday's closing price of $248.03. The company had about $1.6 billion available for shares repurchases as of Nov. 30 under a $5 billion program its board approved in December 2021. Write to Colin Kellaher at colin.kellaher@wsj.com(END) Dow Jones Newswires12-26-23 0925ET

Source: Wall Street Journal December 27, 2023 02:27 UTC