HCA to Repurchase 80.8M Shares of Stock Owned by Bank of America

Hospital Corporation of America will repurchase nearly 80.8 million shares of its common stock owned by affiliates of Bank of America, according to an HCA news release.

HCA will purchase the stock at a price of $18.61 per share, totaling about $1.5 billion, and the transaction is expected to be finalized on Sept. 21. The three Bank of America designees on HCA's board of directors will also step down, the release said.

Bank of America recently announced it would eliminate 30,000 jobs over the next few years, and the bank is looking to sell assets to raise capital, according to a Bloomberg report.

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