T-Mobile US Inc. (NASDAQ: TMUS) on Wednesday announced that its board members had authorized a stock buyback program up to $1.5 billion.
The company said the specific timing, price and size of purchases will depend on the market condition, general economic and prevailing stock prices. The program would take through December 31, 2018.
“Since launching Un-carrier, T-Mobile has delivered unmatched growth and continues to take share in a rapidly changing and competitive wireless industry. This repurchase program underscores our Board of Directors' and management team’s confidence in our business and our commitment to creating value for shareholders,” said John Legere President and CEO of T-Mobile. “Our strong balance sheet and cash flow generation give us the ability to return capital while continuing to make significant investments in our network and operations. 2018 is going to be another exciting year in wireless and we can’t wait to get started.”
Many companies also announced shares repurchase program ahead of the tax reform. Bank of America Corp. (NYSE: BAC) recently announced additional share repurchase of $5 billion, after its previous $12 billion repurchase plan. Home Depot Inc. (NYSE: HD), the largest U.S. home improvement chain, also announced a $15 billion share buyback plan on Wednesday.