Align Technology enters $250M stock repurchase agreement

Align Technology entered an accelerated stock repurchase agreement with Citibank to repurchase $250 million of its common stock under Align's $1.0 billion stock repurchase program.

As a result of the agreement, Align will initially receive about 580 thousand shares, according to a Feb. 6 news release from the company. 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 April 26, according to the release.

In addition to the agreement, Align President and CEO Joe Hogan and CFO John Morici plan to personally purchase $1 million and $0.2 million, respectively, of the company's common stock.

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