Willis Group Holdings Limited said the brokerage plans to purchase approximately 1.25 million shares of its common stock from Keefe, Bruyette & Woods using an accelerated repurchase program for an initial price of approximately $50 million.
The London-headquartered firm said the action is part of Willis' previously announced stock repurchase program.
"We believe the best use of our capital is to continue to buy back our own stock," said Joe Plumeri, chairman and chief executive officer of Willis. "Our strong financial performance, cash flow and balance sheet allow us the financial flexibility to continue to return value to our shareholders."
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