Altria Group, Inc. (Altria) (NYSE: MO) today announces that we entered accelerated share repurchase (ASR) transactions under separate agreements with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC on March 15, 2024, to repurchase $2.4 billion of our common stock. Under the terms of the ASR agreements, on March 19, 2024, we received an initial share delivery of approximately 85% of the shares to be repurchased, based on the closing price per share of our common stock on March 15, 2024. We expect the remainder of the shares to be delivered no later than the end of the second quarter of 2024. Under certain circumstances specified in the ASR agreements, we may be required to deliver shares or pay cash, at our option, upon settlement of the ASR agreements. The total number of shares ultimately purchased under the ASR agreements will depend upon final settlement and will be based on volume-weighted average prices of our common stock during the terms of the ASR transactions, less a discount. The ASR transactions are part of our expanded $3.4 billion share repurchase program, which we expect to complete by December 31, 2024. Share repurchases depend on marketplace conditions and other factors, and the program remains subject to the discretion of our Board of Directors.
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