NORTHROP GRUMMAN CORPORATION (NYSE:NOC) Files An 8-K Other EventsItem 8.01 Other Events.
On October 29, 2018, Northrop Grumman Corporation (the “Company”) issued a press release announcing that it has entered into an accelerated share repurchase (“ASR”) agreement with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase $1 billion of the Company’s common stock. The ASR agreement was entered into to the Company’s current share repurchase authorization.
Approximately 3.0 million shares of the Company’s common stock to be repurchased under the transaction will be received by the Company on October 31, 2018. The final number of shares to be repurchased will be based on the volume-weighted average price of the Company’s common stock during the term of the transaction, less a discount and subject to adjustments to the terms of the ASR agreement, and is expected to be completed in the first quarter of 2019. At settlement, Goldman Sachs may be required to deliver additional shares of common stock to the Company, or, under certain circumstances, the Company may be required to deliver shares of its common stock or may elect to make a cash payment to Goldman Sachs.
A copy of the press release entitled “Northrop Grumman Announces $1 Billion Accelerated Share Repurchase Agreement” is filed as an exhibit to this Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
NORTHROP GRUMMAN CORP /DE/ ExhibitEX-99.1 2 form8-k102918xex991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 News Release Contact: Tim Paynter (Media) 703-280-2720 [email protected] Steve Movius (Investors) 703-280-4575 [email protected] Grumman Announces $1 Billion Accelerated Share Repurchase AgreementFALLS CHURCH,…To view the full exhibit click
About NORTHROP GRUMMAN CORPORATION (NYSE:NOC)
Northrop Grumman Corporation (Northrop Grumman) is a global security company. The Company provides systems, products and solutions in unmanned systems; cyber; command, control, communications and computers (C4), intelligence, surveillance, and reconnaissance (C4ISR); strike aircraft, and logistics and modernization to Government and commercial customers across the world. The Company operates through four segments: Aerospace Systems, Electronic Systems, Information Systems and Technical Services. It offers a portfolio of capabilities and technologies that enable it to deliver systems and solutions for applications. The Company participates in defense and government programs in the United States and abroad. The Company conducts business with the United States Government, the Department of Defense (DoD) and intelligence community. The Company also conducts business with local, state and foreign Governments, and domestic and international commercial customers.