Consolidated Edison announces $1B accelerated share repurchase

Consolidated Edison announced that it has entered into accelerated share repurchase agreements with two dealers to repurchase $1B in aggregate of its common shares. Con Edison is funding the repurchases under the accelerated share repurchase agreements from a portion of the proceeds from the sale of Con Edison Clean Energy Businesses, the company said. Under the terms of the accelerated share repurchase agreements, Con Edison will make payments of $1B in aggregate to the dealers on March 7 and will receive approximately 8.7M shares of Con Edison common shares in aggregate on the same day. The final number of Con Edison common shares to be repurchased from the dealers will be based on the volume-weighted average share price of Con Edison’s common shares during the term of the applicable transaction, less a discount. The final settlement of the transactions under the accelerated share repurchase agreements is expected to occur no later than the third quarter of 2023.