Align Technology entered into an accelerated stock repurchase agreement with Goldman Sachs & Co. to repurchase $200 million of Align's common stock under Align's $1 billion stock repurchase program.
As a result of the agreement, Align will initially receive about 849,000 shares, according to an Oct. 31 news release from Align. The final number of repurchased shares will be based on the company's volume-weighted average stock price during the term of the agreement.
The transaction is expected to be completed around Feb. 1. After the transaction, Align will have about $250 million available under its stock repurchase program.
Align President and CEO Joe Hogan also plans to personally purchase $2 million of Align's common stock in addition to his $2 million purchase made in May.