August 8, 2023
$1.0 billion ASR
Capital Markets Advisor: Matthews South
Counterparties: Goldman Sachs / Morgan Stanley
Counterparties: Goldman Sachs / Morgan Stanley
$1.0 billion Accelerated Share Repurchase
Overview
- Matthews South served as capital markets advisor to Labcorp on its $1.0 billion ASR transaction
- The ASR was executed following the Company’s previously announced spin-off of Fortrea Holdings Inc. in June 2023, in which Labcorp received $1.6bn
- $1.0bn was used for the ASR, $300mm was allocated to debt repayment, and the remaining $300mm will be returned to shareholders through additional buybacks and/or cash dividends
- The ASR was executed with Goldman Sachs and Morgan Stanley
Pricing, Structuring, & Execution Advice
- We provided advice on the structuring and execution of the transaction, as well as documentation
- This is the company’s second ASR in recent history and the first ASR on which we advised the company
- With this transaction, Matthews South has advised clients on ~$88 billion of repurchase transactions
