Aetna entered into agreements Wednesday for the accelerated repurchase of $3.3 billion of the company's outstanding common stock after the Hartford, Conn.-based insurer's board authorized the repurchase of an additional $4 billion worth of the company's stock last week.
Under the terms of the agreements, the company made a $1.65 billion payment to both JPMorgan and Bank of America in exchange for more than 20 million Aetna common shares, according to a filing with the Securities and Exchange Commission.
Aetna expects the final settlement of the transactions under the accelerated share repurchase agreements to occur no later than the third quarter of 2017.
Aetna's board authorized the additional repurchases last week, just a few days after Aetna and Louisville, Ky.-based Humana announced they had mutually terminated their $37 billion merger agreement.
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