MANCHESTER, N.H., July 29, 2024 (GLOBE NEWSWIRE) -- Allegro MicroSystems, Inc. (NASDAQ:ALGM) ("Allegro"), a global leader in power and sensing solutions for motion control and energy-efficient systems, announced today that it has completed the closing of the first of two repurchases for a total of 39 million shares of common stock from Allegro's largest shareholder, Sanken Electric Co., Ltd. ("Sanken"), all of which will be retired. The closing of the first repurchase was financed by issuing approximately 29 million shares of common stock for $666 million of net proceeds to repurchase approximately 29 million shares from Sanken. The second closing of the repurchase of approximately 10 million shares is expected to be financed through a combination of proceeds from an incremental term loan under Allegro's existing credit agreement and cash on hand. "This share buyback and retirement represent another important milestone in Allegro's journey as a public company. We believe that broader ownership, increased liquidity and improved governance will act as a catalyst for further value creation," said Vineet Nargolwala, President and CEO. Pursuant to the terms of the Share Repurchase Agreement entered into on July 23, 2024, Allegro has agreed to repurchase from Sanken, in a privately negotiated transaction, a total of 39 million shares of common stock at $23.16 per share, which is the public offering price of the primary offering closed on July 26, 2024 minus the discount to the underwriters but before transaction expenses and fees payable by Sanken. After giving effect for the repurchase of the full 39 million shares from Sanken, Sanken's ownership in Allegro will decrease from approximately 50.8% ...