Benzinga | Jan 4, 2022 08:38AM EST

Carrier Global Enters $500M Accelerated Share Repurchase Program

* Carrier Global Corp (NYSE:CARR) entered into an accelerated share repurchase agreement with Goldman Sachs & Co. LLC to repurchase $500 million of the company's common stock.

* Carrier Global plans to use part of the proceeds from the sale of the Chubb business to finance the purchases of shares under the ASR.

* The company entered into the ASR pursuant to its share repurchase program, under which $1.6 billion remained available as of December 31, 2021. After giving effect to the ASR, $1.1 billion will remain available.

* The company will receive an initial delivery of ~7.6 million shares on January 4, 2022, with the final settlement of the ASR completed in Q1 of 2022.

* Price Action: CARR shares are trading higher by 0.99% at $53.04 during the premarket session on Tuesday.