ICG plc (ICG.L), an alternative asset manager, on Thursday said it will commence a share buyback programme of up to 15.28 million ordinary shares, representing about 5.26% of its issued share capital.
The buyback will enable the issuance of non-voting shares to Amundi S.A. (AMUN.PA,AMDUF), a French asset management company and investment firm, under their strategic partnership.
The buyback programme is expected to begin on February 26 and run until June 30, 2027, and will have a maximum aggregate value of 316 million pounds.
Amundi's Group Chief Investment Officer, Vincent Mortier will join ICG as a Non-Executive Director and serve on the Nominations and Governance Committee from March 31.
ICG said Mortier's appointment adds global asset management expertise to the board as the company executes on its growth strategy.
On Wednesday, ICG closed trading 1.92% higher at 1,753 pence on the London Stock Exchange.
On Wednesday, Amundi S.A closed trading 1.37% higher at 77.95 euros on the Paris Stock Exchange.
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