June 23, 2022
$3bn ASR
Size: $3 billion
Structure: Uncollared
Financial Advisor: Matthews South
Counterparties: Goldman Sachs / Citi
Structure: Uncollared
Financial Advisor: Matthews South
Counterparties: Goldman Sachs / Citi
$3bn Accelerated Share Repurchase
Overview
- Matthews South advised KLA Corporation on its $3 billion ASR
- The company announced the week prior to commencing the ASR a $6 billion share repurchase authorization, in addition to the ~$233 million outstanding authorization
Pricing, Structuring, & Execution Advice in a Volatile Market
- This was the first ASR on which we advised KLA Corporation
- We advised the company in structuring the transaction to optimize for the large size, company’s timeline for returning capital, and company’s upfront share delivery goals
- We coordinated execution with the bank group to create a competitive dynamic and better pricing
- Additionally, we provided documentation and accounting analysis to support equity treatment of the ASR
