Clarivate PLC (NYSE:CLVT) has announced a new share repurchase program of up to $500 million for the period of January 1, 2025, through December 31, 2026. This new program replaces the current one, under which the company repurchased $300 million of ordinary shares, including $200 million during the third and fourth quarters of 2024. The company also prepaid $75 million of term-loan debt during the fourth quarter, bringing total prepayments in 2024 to $133 million.
Matti Shem Tov, CEO of Clarivate, stated, "As we execute against our value creation plan, we expect to deploy capital to the most value-enhancing opportunities." This new share repurchase program reflects the board's confidence in the company's ability to drive growth and enhanced financial performance.
It's important to note that the new share repurchase program does not obligate Clarivate to repurchase any set dollar amount or number of shares and may be modified, suspended, or terminated at any time without prior notice. Under the new share repurchase program, Clarivate is authorized to conduct open-market purchases of its ordinary shares from time to time through any method or program, subject to availability of ordinary shares, price, market conditions, alternative uses of capital, and applicable regulatory requirements, at management’s discretion. As a result of these announcements, the company's shares have moved -0.5% on the market, and are now trading at a price of $5.45. For the full picture, make sure to review Clarivate's 8-K report.
