11:49 AM EDT, 03/15/2024 (MT Newswires) -- Fomento Economico Mexicano (FMX) said Friday it signed an accelerated share repurchase agreement with a US-based financial institution to repurchase its shares via the acquisition of American depositary shares.

Under the deal, Fomento Economico Mexicano will repurchase from the financial institution $400 million of its ADSs.

Under the accelerated share repurchase, an initial delivery of about 20% of the ADSs is expected on or about March 19, the company said.

Final settlement of the agreement is expected no later than Q3, it said.

Fomento Economico Mexicano NYSE-listed shares were rising past 3% in recent trading.

Price: 129.29, Change: +4.01, Percent Change: +3.20