Evercore (NYSE: EVR) announced today that its Board of Directors has authorized a share repurchase program of up to the lesser of $1.4 billion or 10 million shares of Evercore Inc. Class A common stock and/or Evercore LP Units.
This authorization reflects Evercore’s continued commitment to its capital return objectives, which include offsetting dilution associated with annual bonus equity and new hire grants through share repurchases and returning excess cash not needed for investment in the business through share repurchases.
The Board’s authorization permits Evercore to make purchases of its Class A common stock and/or Evercore LP Units from time to time in open market transactions, in privately negotiated transactions or otherwise, subject to market and other conditions, up to the aggregate amount authorized by the Board. The Board’s authorization has no expiration date and the timing and the actual amount of shares and/or LP units repurchased will depend on a variety of factors, including our liquidity position, legal requirements, and price, economic and market conditions.
Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in North America, Europe, South America, the Middle East and Asia. For more information, please visit www.evercore.com.
The Abernathy MacGregor Group, for Evercore