DigitalGlobe, Inc. (NYSE: DGI), a leading global provider of commercial high-resolution earth observation and advanced geospatial solutions, announced today that its Board of Directors has authorized an additional $130 million share repurchase through the end of 2015, raising the total authorization to $205 million from $75 million. The company may repurchase shares in the open market or in privately negotiated transactions, including through accelerated share repurchase transactions or under a Rule 10b5-1 plan.
In the current quarter to date, DigitalGlobe has repurchased 2.04 million shares of its stock for $54.4 million at an average price of $26.63. Cumulatively through Dec. 17, 2014 the company has repurchased 2.54 million shares of its stock for $69.4 million at an average price of $27.34.
“We are pleased to announce this increase to our share repurchase plan,” said Jeffrey R. Tarr, CEO of DigitalGlobe. “The additional authority will allow us to enhance returns while retaining the flexibility to execute our growth strategy through both organic investment and acquisitions, with a focus on creating value for shareowners over time.”
DigitalGlobe is a leading provider of commercial high-resolution earth observation and advanced geospatial solutions that help decision makers better understand our changing planet in order to save lives, resources and time. Sourced from the world’s leading constellation, our imagery solutions deliver unmatched coverage and capacity to meet our customers’ most demanding mission requirements. Each day customers in defense and intelligence, public safety, civil agencies, map making and analysis, environmental monitoring, oil and gas exploration, infrastructure management, navigation technology, and providers of location-based services depend on DigitalGlobe data, information, technology and expertise to gain actionable insight.