Newell Brands To Buy Back $275 Mln Of Its Shares From Icahn Enterprises

(RTTNews) - Newell Brands Inc. (NWL) said that it reached an agreement to repurchase about $275 million of the company's common shares beneficially owned by Carl Icahn and certain of his affiliates, at a purchase price of $25.86 per share, the closing price of Newell Brands' common shares on February 18, 2022.

Newell Brands noted that it will utilize cash on hand and its existing credit facility to fund the share repurchase.

The share repurchase is expected to close no later than February 25, 2022. After the share repurchase, Icahn Enterprises is expected to own approximately 33 million common shares of Newell Brands, which represents approximately 8% of the company's outstanding shares.