10:12 AM EDT, 06/10/2024 (MT Newswires) -- Fomento Economico Mexicano (FMX), or FEMSA, said Monday it entered a derivative instrument deal to launch a new accelerated share repurchase, or ASR, plan to buy back its American Depositary Shares worth up to $600 million.

The beverage and retail company said the actual number of ADSs repurchased will depend on the daily volume-weighted average price of the shares during the ASR period, with the transaction expected to close by Q4.

Additionally, FEMSA said it has completed a previous ASR, announced in March 2024, having repurchased 3.2 million ADSs at an average price of $123.27 per ADS, for $400 million.

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