A financial services giant will be spending about $1.5 billion to repurchase stock.
Hartford Financial Services Group Inc., Hartford, says it has entered into an agreement with a unit of Credit Suisse Group, Zurich, to buy back $500 million of common stock through an accelerated stock repurchase program.
Hartford will be using the cash from a recent sale of hybrid debt securities to fund the accelerated stock repurchase program.
Meanwhile, the Hartford board has approved a move to add $1 billion to the company’s stock repurchase program fund.
Hartford has used up all but $121 million of an earlier $2 billion stock repurchase allocation, the company says.
The market capitalization of Hartford’s common stock is about $22 billion.