17 February 2016

Qorvo announces $500m accelerated share repurchase

Qorvo Inc (which provides core technologies and RF solutions for mobile, infrastructure and defense applications) has entered into an accelerated share repurchase program (ASR) with Bank of America N.A. (BofA) to repurchase $500m of its common stock.

Under the terms of the ASR, Qorvo has agreed to repurchase $500m in total of its stock from BofA, $250m of which will be subject to a maximum and minimum share price. The final number of shares to be repurchased will be based generally on Qorvo's volume-weighted average stock price (minus a discount) during the term of the ASR. The ASR is expected to be completed in Qorvo's fiscal first-quarter 2017.

The ASR is part of the firm's previously announced $1bn share repurchase program, approved by its board of directors in November. After giving effect to the ASR, about $250m will remain authorized under this program for future repurchases.

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