MONTEVIDEO, Uruguay--(BUSINESS WIRE)--Arcos Dorados Holdings Inc. (NYSE:ARCO) (“Arcos Dorados” or the “Company”), Latin America's largest restaurant chain and the world´s largest independent McDonald´s franchisee, hereby announces that on May 22, 2018, the Company’s Board of Directors unanimously approved the adoption of a share repurchase program, pursuant to which the Company may repurchase from time to time up to US$60,000,000 (sixty million dollars) of issued and outstanding class A shares of no par value of the Company (“The Repurchase Program”).
"The Board’s authorization of a share repurchase program reflects its and Management’s confidence in the health and long-term outlook of the company," said Sergio Alonso, Chief Executive Officer of Arcos Dorados. “We are committed to delivering shareholder value, and with a strong balance sheet, and operating cash to sufficiently fund both our previously announced dividend resumption and investment programs, we believe we can buy back our shares while maintaining the flexibility to continue to execute on our strategic investment in the future.”
The repurchase program will begin on May 22, 2018 and will expire at the close of business on May 22, 2019, but may be terminated prior to such date.
Under the repurchase program, the Company may repurchase shares through open market transactions, in privately negotiated transactions, or otherwise, and on such terms and conditions, all as approved by the Authorized Officers of the Company.
About Arcos Dorados
Arcos Dorados is the world’s largest independent McDonald’s franchisee in terms of systemwide sales and number of restaurants, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 20 Latin American and Caribbean countries and territories, including Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curaçao, Ecuador, French Guyana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, St. Croix, St. Thomas, Trinidad & Tobago, Uruguay and Venezuela. The Company operates or franchises over 2,100 McDonald’s-branded restaurants with over 90,000 employees and is recognized as one of the best companies to work for in Latin America. Arcos Dorados is traded on the New York Stock Exchange (NYSE:ARCO). To learn more about the Company, please visit the Investors section of our website: www.arcosdorados.com/ir.