Verisk enters $2.5B accelerated share repurchase; initial delivery of ~10.7M shares

Verisk Analytics, Inc.

Initial aggregate purchase price of $2.5B from Citibank and Goldman Sachs under ASR agreements.
Initial delivery of approximately 10.7M shares; total shares based on VWAP less discount.
Funded by proceeds from Energy business divestiture (closed Feb 1, 2023) and $575M 5.750% senior notes due 2033.
After ASR, $941.3M remains available under the existing share repurchase program.
Final settlement expected in Q4 2023; may deliver additional shares or cash.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Verisk Analytics, Inc. entered into ASR Agreements with Citibank, N.A. and Goldman Sachs & Co. LLC valued at $2.5 billion (effective 2023-03-06).

Action: entry
Agreement: equity purchase
Counterparty: Citibank, N.A. and Goldman Sachs & Co. LLC
Value: $2.5 billion
Effective: 2023-03-06

Exact text from the filing

On March 6, 2023, as part of Verisk Analytics, Inc.’s (the “Company”) existing stock repurchase program, the Company entered into accelerated share repurchase agreements (each, an “ASR Agreement” and together, the “ASR Agreements”) with each of Citibank, N.A. and Goldman Sachs & Co. LLC (each, an “ASR Counterparty” and together, the “ASR Counterparties”) to repurchase an aggregate of $2.5 billion of the Company’s common stock, par value $0.001 per share (the “Common Stock”).

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Verisk Analytics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-062281

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