DigitalBridge Announces $200 Million Share Repurchase Authorization
July 05 2022 - 7:30AM
Business Wire
Intends to Effectuate Reverse Stock Split in
Third Quarter 2022
DigitalBridge Group, Inc. (NYSE: DBRG) (“DigitalBridge” or
“Company”) today announced that its Board of Directors has approved
a $200 million share repurchase program, effective immediately,
which includes the authorization to repurchase both the Company’s
outstanding common and preferred shares.
Marc Ganzi, CEO of DigitalBridge, said, “This share repurchase
authorization demonstrates our confidence in the continued demand
we are seeing across our digital infrastructure portfolio and the
momentum we are experiencing as the partner of choice to
institutional investors in our sector. While macro-economic
headwinds are impacting a number of sectors, digital infrastructure
has proven to be resilient and our conviction in our long-term
strategy and business model has never been stronger. We believe
this share repurchase program provides us with another tool to
create value for our long-term shareholders.”
The Board’s authorization permits DigitalBridge to repurchase
its shares through various methods, including open market
repurchases, negotiated block transactions, accelerated share
repurchases, open market solicitations and Rule 10b5-1 plans. The
Company may repurchase common and/or preferred shares from time to
time in compliance with SEC regulations and other legal
requirements. The extent to which DigitalBridge repurchases its
shares, and the timing of such repurchases, will depend upon a
variety of factors including market conditions and other corporate
considerations as determined by the Company’s management, as well
as the Company’s repurchase program limits and its capital plan.
The share repurchase program does not obligate DigitalBridge to
acquire any particular amount of shares and may be extended,
modified, or discontinued at any time.
DigitalBridge today also announced it expects to effectuate a
reverse stock split in which one Class A common equity share will
be issued in exchange for every four existing Class A common equity
shares in the third quarter of 2022. The Company plans to announce
the effective date of the reverse stock split at least 10 days
prior in accordance with NYSE notification requirements. The
reverse stock split is intended to reinforce the completion of the
Company’s successful business transformation, more closely align
DigitalBridge’s outstanding share count with companies of similar
size and scope, and generate additional administrative cost
savings, consistent with management’s ongoing initiatives to
simplify and rationalize the Company.
About DigitalBridge
DigitalBridge (NYSE: DBRG) is a leading global digital
infrastructure investment firm. With a heritage of over 25 years
investing in and operating businesses across the digital ecosystem
including cell towers, data centers, fiber, small cells, and edge
infrastructure, the DigitalBridge team manages a $47 billion
portfolio of digital infrastructure assets on behalf of its limited
partners and shareholders. Headquartered in Boca Raton,
DigitalBridge has key offices in New York, Los Angeles, London, and
Singapore. For more information visit www.digitalbridge.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release may contain forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of
forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” or “potential” or the negative of these
words and phrases or similar words or phrases which are predictions
of or indicate future events or trends and which do not relate
solely to historical matters. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond our control, and may cause
actual results to differ significantly from those expressed in any
forward-looking statement. Factors that might cause such a
difference include, without limitation, the Company’s ability to
purchase shares under the repurchase program, whether the
contemplated reverse stock split is effected in the anticipated
time frame or at all, and other risks and uncertainties, including
those detailed in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2021, Quarterly Report on Form 10-Q for the
quarter ended March 31, 2022, and its other reports filed from time
to time with the U.S. Securities and Exchange Commission (“SEC”).
All forward-looking statements reflect the Company’s good faith
beliefs, assumptions and expectations, but they are not guarantees
of future performance. The Company cautions investors not to unduly
rely on any forward-looking statements. The forward-looking
statements speak only as of the date of this current report. The
Company is under no duty to update any of these forward-looking
statements after the date of this release, nor to conform prior
statements to actual results or revised expectations, and the
Company does not intend to do so.
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version on businesswire.com: https://www.businesswire.com/news/home/20220704005436/en/
Investors: Severin White Managing Director, Head of
Public Investor Relations (212) 547-2777
severin.white@digitalbridge.com
Media: Joele Frank, Wilkinson Brimmer Katcher Jon Keehner
/ Aura Reinhard / Jack Kelleher (212) 355-4449
dbrg-jf@joelefrank.com
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