FedEx To Buy Back $1.5 Bln Of Shares; Stock Up

(RTTNews) - FedEx Corp. (FDX) said on Tuesday that it entered into an agreement with Morgan Stanley & Co. LLC, to buy back $1.5 billion of its shares.

The initial delivery of around 7.9 million shares will be based on current market prices.

The accelerated share repurchase program, expected to be completed to the end of FedEx's current fiscal, serves as part of previously announced share repurchase drive.

FedEx also noted that the final number of shares to be repurchased under the ASR will be based on a discount to the average of the daily volume-weighted average stock prices for eligible transactions in common stock during the term of the ASR.

FDX was trading up by 2.67 percent at $155.50 per share in pre-market on the New York Stock Exchange.