- T-Mobile announces a $1.5 billion stock buyback program.
- It's the latest firm to announce such plans ahead of the Republican tax overhaul.
"This repurchase program underscores our Board of Directors' and management team's confidence in our business and our commitment to creating value for shareholders," said T-Mobile President and CEO John Legere. "Our strong balance sheet and cash flow generation give us the ability to return capital while continuing to make significant investments in our network and operations."
T-Mobile is one of many companies expected to initiate stock repurchase programs ahead of the GOP tax overhaul. Bank of America recently announced an additional $5 billion stock buyback program, following an already-planned $12 billion repurchase initiative, which garnered criticism from Sen. Chuck Schumer, who said the move was "another signal big corporations can smell the huge tax cut they have coming."
T-Mobile said it will not purchase stock from its parent company, Deutsche Telekom AG, under the program but DT is considering its own repurchases of common stock.
The repurchase program "may include open market purchases, private negotiated transactions or otherwise," the company said.
T-Mobile said it will analyze market conditions before making potential common stock repurchases and noted that the "program may be suspended or discontinued at the company's discretion."
Correction: This story was revised to correct that T-Mobile said Deutsche Telekom is considering its own repurchases of common stock.