Benzinga | Mar 12, 2021 09:20AM EST

CACI Announces $500M Accelerated Stock Buyback

* CACI International Inc (NYSE: CACI) entered into an accelerated share buyback agreement to repurchase $500 million of stock equivalent to 2.1 million shares, at the closing price of $236.71 on March 11, 2021, representing 8% of outstanding stock.

* On March 16, 2021, CACI will receive an initial delivery of 1.7 million shares, with the final number of shares repurchased under the ASR based on the average of the daily volume-weighted average prices of CACI stock.

* CACI held cash and equivalents of $102.1 million as of December 31, 2020, and it expects to generate an operational cash flow of at least $600 million in FY21.

* Price action: CACI closed higher by 5.21% at $236.71 on Thursday.