Cheniere Energy Inc. said Wednesday it agreed to repurchase $350 million of its common shares held by Carl C. Icahn and Icahn Enterprises LP at a price of $130.52 per share, in a deal expected to close on June 21. Icahn initially invested in Cheniere in 2015 and has since made more than $1.3 billion in realized and unrealized gains on Cheniere, according to a prepared statement from the billionaire. He continues to own a sizeable stake in Cheniere. Andrew Teno, a Cheniere board member appointed by Icahn Enterprises, will resign from the board of directors within two business days following the close of the stock purchase agreement. Icahn Enterprises said it was instrumental in hiring Cheniere CEO Jack Fusco and that its ownership stake stands out as a “shining example of IEP’s activism efforts.” Shares of Cheniere Energy rose 1.8% in premarket trades.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.