Broadcom Inc. (NASDAQ:AVGO) said it will buy back as much as US$12bln of its common stock.
“The initiation of a stock repurchase program enhances our capital allocation strategy and provides us with a complementary tool to deliver value to our shareholders,” Chief Financial Officer Tom Krause said in a statement.
The timing and amount of shares repurchased will depend on many factors, including price, the company said.