BrightSphere announced that it will repurchase 4.1M shares held by HNA Capital, at a price of $13.89 per share, the closing price of BrightSphere's stock on February 20, 2019. The repurchase will be completed by February 25, 2019. Upon completion of the transaction, together with open market share repurchases initiated in the fourth quarter of 2018 and continuing to date, BrightSphere has repurchased a total of 10.4 million shares, or 9.8% of shares outstanding, resulting in accretion of 8.5% to 2018 ENI per share. BrightSphere will continue to enhance shareholder value through opportunistic share repurchases, which could result in Paulson & Co. Inc. eventual ownership to be reduced below 24.95% following completion of its purchase from HNA. The repurchase will be conducted under BrightSphere's current share repurchase authorization and will be funded with cash on hand and available debt capacity under the Company's $350 million revolving credit facility.
