GoDaddy Inc. (NYSE: GDDY) has announced that it has inked a share of an accelerated repurchase (ASR) agreement with Goldman Sachs & Co. LLC to buy back $250 million of GoDaddy's common stock. The ASR has inked following GoDaddy's share repurchase program, under which nearly $750 million share repurchase approval will remain available upon the conclusion of the ASR.
GoDaddy disclosed that accelerated repurchase strengthens its trust in the long-term opportunity for GoDaddy and its dedication to creating shareholder value. GoDaddy Inc. (NYSE: GDDY) shares were trading up 0.59% as the firm has gained +0.28 at the time of writing on Thursday.
GoDaddy Inc.'s share price went from a low point around $68.66 to briefly over $93.75 in the past 52 weeks, though shares have since pulled back to $70.93. GDDY's market cap has stayed high, reaching $12.13M at the time of writing.
Furthermore, after the execution of the program, GoDaddy will have bought back a total of roughly 6.9 million shares year-to-date. It signifies 4% of total shares outstanding. Since January 2020, GoDaddy will have bought roughly 16.9 million shares, which signifies more than 9% of total shares outstanding. The final agreement of the ASR is scheduled to be finalized in Q3 of 2021.