Align Technology to buy back $100M in stock

Align Technology has agreed to buy back $100 million of its common stock under an accelerated stock repurchase deal with Citibank, the medical device company said Nov. 1.

Align will initially receive 128,100 shares as part of the agreement, expected to be completed within three weeks. The transaction will be funded with Align's cash on hand.

The deal comes after the Tempe, Ariz.-based company entered a $75 million accelerated stock repurchase program with Goldman Sachs & Co.

The deals are part of Align's $1 billion stock repurchase program announced in May.

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