Benzinga | Dec 17, 2021 07:15AM EST

Bright Horizons Family Solutions Adopts $400M Share Repurchase Program

* Bright Horizons Family Solutions Inc (NYSE:BFAM) said its Board of Directors had authorized a new share repurchase program for up to $400 million of stock.

* The new program replaces and cancels the prior $300 million authorization announced in June 2018, of which approximately $0.2 million remained.

* The share repurchase program does not have an expiration date and may be suspended, modified, or discontinued at any time without prior notice.

* Bright Horizons held $412.4 million in cash and equivalents as of September 30, 2021.

* Price Action: BFAM shares closed lower by 3.13% at $114.69 on Thursday.