The warrants were issued by Wells Fargo to the US Treasury in connection with its investment in Wells Fargo under the Capital Purchase Program.
The price per warrant was $7.70, and the 70.2 million warrants acquired represent 63.6% of the 110.3 million outstanding warrants. The transaction is expected to close on or before May 26, 2010.
Howard Atkins, CFO of Wells Fargo & Company, said: “We believe avoiding future shareholder dilution by acquiring these warrants at this price is a compelling investment for our shareholders.”
