By Matt Grossman

Northrop Grumman Corp. is performing an accelerated share repurchase to buy back $2 billion of its stock, the aerospace company said Monday.

The company is buying the shares from Goldman Sachs Group Inc. Under the agreement, Northrop will receive 5.9 million shares on Tuesday, which will represent about 85% of the expected share repurchases.

The final number of shares to be bought back will depend on the volume-weighted average price of shares during the term of the transaction, which is expected to be completed in the second quarter.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

February 01, 2021 07:15 ET (12:15 GMT)

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