JERSEY CITY, N.J., March 07, 2023 (GLOBE NEWSWIRE) — Verisk Analytics, Inc. (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced that it has entered into accelerated share repurchase agreements with each of Citibank, N.A. and Goldman Sachs & Co. LLC to repurchase an aggregate of $2.5 billion of the Company’s common stock. The ASR Agreements were entered into as part of the Company’s previously announced share repurchase program.
The ASR Counterparties are expected to make an aggregate initial delivery of approximately 10.7 million shares of the Company’s common stock to the Company at the inception of the ASR Agreements. The total number of shares ultimately to be purchased by the Company under the ASR Agreements will generally be based on the daily volume-weighted average share price of the Company’s common stock during the calculation period of each ASR Agreement, less an agreed discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements.
The final settlement of the transactions under the ASR Agreements is expected to occur during the Company’s fourth fiscal quarter ending December 31, 2023.
Verisk may continue to repurchase shares in the open market from time to time subject to market and other conditions. After giving effect to the ASR Agreements, $941.3 million will remain available for share repurchases under the Company’s authorized share repurchase program.
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.