Cognizant (CTSH) Announces $300M Accelerated Share Repurchase Plan

Cognizant Technology Solutions Corporation (Nasdaq: CTSH) entered into an accelerated share repurchase ("ASR") agreement with Societe Generale to repurchase an aggregate of $300 million of Cognizant's Class A common stock. This ASR agreement is a continuation of its previously announced $3.4 billion capital return plan.

Under the terms of the ASR agreement, approximately 3.04 million of the shares to be repurchased will be received by Cognizant on March 14, 2018. The final number of shares to be repurchased will be based on the volume-weighted average stock price of Cognizant's Class A common stock less a discount and subject to potential adjustments pursuant to the terms of the ASR agreement. Final settlement of the transaction under the ASR agreement is anticipated to occur during the second quarter of 2018. Cognizant will fund the ASR program on March 14, 2018 from cash on hand and its existing credit facility.

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