Cleaning and pest-control services company Ecolab Inc. said it plans to buy back $1 billion in shares once its acquisition of water treatment company Nalco Holding Co. is complete.
The $5.4 billion deal is expected to close in the last three months of the year. The repurchase program is expected to be completed by the end of next year.
Ecolab had about 232 million shares outstanding on July 31, and will issue roughly 69 million additional shares in the Nalco merger.
Shares of Ecolab fell 89 cents to $50.76 in morning trading amid a broader market sell-off.
