09:25 AM EDT, 05/19/2025 (MT Newswires) -- Newmark Group ( NMRK ) said Monday that it has agreed to repurchase just under 11 million shares of its class A common stock that is owned by the company's former Executive Chairman Howard Lutnick, who is now US Secretary of Commerce.

The total price of the acquisition, which will close Monday, is approximately $127 million, or $11.58 per share, based on Friday's closing price, the company said.

Newmark ( NMRK ) said the purchases will be made under its existing stock buyback program, which will have $244.9 million remaining after the transaction.