Matthews South

Matthews South

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by | August 24, 2023 |

Our Clients

August 8, 2023
$1.0 billion ASR
Capital Markets Advisor: Matthews South
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

Contact Us

To learn more about our solutions or to schedule a demo of our software, please contact us by filling out the form below, or email us at info@matthewssouth.com.






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