Churchill Downs Incorporated announced that it has repurchased 1,000,000 shares of its common stock for $158.78 per share from an affiliate of The Duchossois Group, Inc. in a privately negotiated transaction. The aggregate purchase price was $158.8 million.
CDI’s Board of Directors authorized the transaction under its existing $250 million share repurchase plan that was announced on April 25, 2017. CDI repurchased the shares using available cash and borrowings under its senior secured credit facility.
“The Duchossois family continues to be very committed to Churchill Downs and will still own over one million shares following the completion of this transaction,” stated Craig Duchossois, Chairman and Chief Executive Officer of TDG. “This transaction is part of our family’s plan to diversify our holdings.”
“We appreciate the opportunity to facilitate this transaction with the Duchossois family given they have been a long-time, passionate shareholder in Churchill Downs,” stated Bill Carstanjen, CDI’s Chief Executive Officer. “This transaction is accretive to our earnings per share and our free cash flow per share, and our strong balance sheet provides the flexibility for us to complete this transaction under our existing share repurchase plan.”