U.S. Cellular Corp. said it has reached an agreement to purchase its common shares from Citigroup Global Markets Ltd. as part of a stock repurchase plan announced earlier.
The accelerated share repurchase agreement calls for the carrier to buy 670,000 shares from Citigroup for about $49 million.
The companies said the shares Citigroup sold to U.S. Cellular were borrowed from other parties, and Citigroup is expected to purchase common shares on the open market to cover its position. The agreement is expected to last no longer than two years.
U.S. Cellular accelerates share buyback
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