iRobot Says It Will Purchase $85 Million Of Its Own Stock As Part Of An Accelerated Repurchase Transaction

iRobot Corporation (NASDAQ: IRBT) announced on Tuesday that it has entered into an accelerated stock repurchase agreement with JPMorgan Chase Bank to repurchase $85 million of its common stock.

iRobot noted that its accelerated stock repurchase is part of a previously announced stock repurchase program. The company said in early February that it has expanded its share repurchase program by $65 million to bring its total to more than $100 million.

The final settlement of the transaction is expected to occur in the third quarter of 2016. The company noted that its accelerated repurchase is part of the company's commitment to returning capital to investors while also growing the business.