Nasdaq approves $300 mln share buyback
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Nasdaq OMX Group said its board has approved a $300 million share repurchase program, as it looks to return excess capital to its shareholders.
The exchange operator said it will fund the repurchases from its existing cash balances.
In September, the Nasdaq stock market parent company had said it would set a plan to return capital to shareholders as it looks to take advantage of a relatively low share valuation and move on from its failed takeover bid earlier this year for rival NYSE Euronext.
Nasdaq also said it intends to prepay $109 million in debt in the fourth quarter, taking its total debt payments in quarter to $120 million.
The exchange operator has about $1.8 billion in debt outstanding, according to Thomson Reuters data.
Shares of the company closed at $25.07 on Tuesday on Nasdaq.
(Reporting by Jochelle Mendonca in Bangalore;Editing by Supriya Kurane)
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