DULUTH, Ga. (AP) -- Life insurance company Primerica agreed to buy back approximately 2.1 million shares of its common stock from private equity firm Warburg Pincus for just over $60 million.
Primerica Inc. said Thursday that it agreed to pay $28.74 per share for the stock, which was where it closed on Wednesday.
Warburg Pincus will own about 15 percent of Primerica's outstanding stock once the buyback is complete. Counting its warrants to buy Primerica stock, Warburg would own about 20.7 percent of Primerica's shares.
Primerica says it has repurchased about 488,200 shares of its common stock for $14.3 million before this current buyback.
The Duluth, Ga.-based company says that the current buyback will complete a $75 million repurchase program that started in the third quarter.
Its shares edged up 3 cents to $28.77 in morning trading Thursday. Its shares hit a 52-week high of $30.29 in mid-September.