DirecTV to Buy Shares From GM Benefit Plans
DirecTV Group Inc., the largest U.S. satellite-television provider, will buy 100 million shares of its stock from General Motors Corp.’s employee benefit plans.
The General Motors Special Hourly Employees Pension Trust, the General Motors Special Salaried Employees Pension Trust and the Sub-Trust of the General Motors Welfare Benefit Trust will receive $15.50 a share in cash, DirecTV said.
Shares of the El Segundo company, a former GM unit, rose 12 cents to $15.80.
The transaction, which is expected to be completed Friday, will reduce the holdings of the employee benefit plans to 115 million shares, or less than 10% of DirecTV stock, the company said.
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