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Newmark Buys Back 11M Shares of Stock from Howard Lutnick
Newmark Group has agreed to repurchase 10,969,523 shares of Newmark Class A common stock from Howard W. Lutnick, U.S. Secretary of Commerce and formerly Newmark’s executive chairman. The services firm will pay $127,027,077 to Lutnick in furtherance of his U.S. government ethics agreement.
CFO Michael Rispoli said, “This transaction presented a unique opportunity to efficiently acquire a substantial number of shares at what we believe was a favorable price. Given our expected strong cash generation, we anticipate continuing to invest in the company’s growth, while also returning capital to shareholders through repurchases over time.”
Separately, Cantor Fitzgerald announced that Lutnick, its former chairman and CEO, has agreed to transfer his ownership to the next generation through trusts for the benefit of Brandon G. Lutnick, chairman & CEO; Kyle S. Lutnick, executive vice chairman; and his other adult children. Brandon Lutnick is the controlling trustee of such trusts.
- ◦Financing
