United Airlines has announced that the board of directors of its parent company, United Continental Holdings, Inc. (UAL), has authorized a new USD 3 billion share repurchase program, the company said.
This amount represents approximately 17 percent of the company´s market capitalization based on the closing stock price on Dec. 6, 2017.
The company is expected to complete its most recently authorized July 2016 USD 2 billion share repurchase program by the end of December 2017. The company´s share repurchases under today´s USD 3 billion repurchase authorization will be made in accordance with applicable securities laws in open market, or accelerated repurchase transactions from time to time, depending on market conditions, and may be discontinued at any time. There is no expiration date for the share repurchase program.
United Airlines and United Express operate approximately 4,500 flights a day to 337 airports across five continents. In 2016, United and United Express operated more than 1.6 million flights carrying more than 143 million customers. United is proud to have the world´s most comprehensive route network, including US mainland hubs in Chicago, Denver, Houston, Los Angeles, Newark/New York, San Francisco and Washington, D.C. United operates 751 mainline aircraft and the airline´s United Express carriers operate 489 regional aircraft.