JetBlue Airways (JBLU) said it has entered into an accelerated share repurchase transaction with a unit of Morgan Stanley (MS).

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The company will pay a total of $160 million to Morgan Stanley and will initially receive approximately 6.9 million shares based on the closing share price on Nov. 21.

The total number of shares to be repurchased by the company will be based on daily volume-weighted average prices of the company’s shares minus a discount.

Final settlement of the repurchase agreement is expected to occur by the end of Q1. JetBlue plans to fund the repurchases with cash on hand. All shares of JetBlue’s stock delivered to the company will be held in treasury.

After settlement of the transaction the company will have $640 million of its share repurchase authorization remaining.

JetBlue Airways (JBLU) said it has entered into an accelerated share repurchase transaction with a unit of Morgan Stanley (MS).

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.

The company will pay a total of $160 million to Morgan Stanley and will initially receive approximately 6.9 million shares based on the closing share price on Nov. 21.

The total number of shares to be repurchased by the company will be based on daily volume-weighted average prices of the company’s shares minus a discount.

Final settlement of the repurchase agreement is expected to occur by the end of Q1. JetBlue plans to fund the repurchases with cash on hand. All shares of JetBlue’s stock delivered to the company will be held in treasury.

After settlement of the transaction the company will have $640 million of its share repurchase authorization remaining.