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(RTTNews) - Alight Inc. (ALIT), a provider of human capital solutions, Tuesday said it has entered into accelerated share repurchase agreement with Barclays Bank PLC to buy back $75 million of Alight shares. This is as part of the company's existing share repurchase program which had remaining authority of $168 million as of June 14, 2024.

"This accelerated share repurchase agreement reflects our high level of confidence in the business, bolstered by our growing revenue under contract and the value expected to be unlocked by the recent agreement to sell our Professional Services segment and Payroll & HCM Outsourcing businesses," said Stephan Scholl, Chief Executive Officer of Alight.

As per the terms of the ASR, Alight will pay $75 million to Barclays to initially receive shares equal to 80 percent of the prepayment amount, based on the closing price of Alight as on July 15, 2024. The final settlement of the transaction under the ASR is expected to occur during the third quarter of 2024.

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