GT Advanced Technologies Announces Completion of $75 Million Accelerated Share Repurchase Program

MERRIMACK, N.H.--(BUSINESS WIRE)--GT Advanced Technologies Inc., (NASDAQ: GTAT), today announced the completion of its previously announced accelerated share repurchase program of $75 million of the company’s common stock.

On November 18, 2011, GT entered into an agreement with UBS AG, London Branch (“UBS”) to effect an accelerated repurchase of $75 million of the company’s common stock. The shares repurchased are part of the company’s previously announced $100 million share repurchase authorization.

Pursuant to the Agreement, the Company paid $75.0 million to UBS and received 7,822,686 shares of its common stock (the “Initial Shares”) on November 23, 2011. On March 5, 2012 UBS delivered an additional 900,000 of GT common stock and on March 8, 2012 UBS delivered another 715,593 shares of GT common stock bringing the total number of shares received under the ASR to 9,438,279. The effective per share repurchase price was $7.95 based on the volume-weighted average share price of the company’s common stock, less a discount, during the ASR period.

All of the shares involved in the ASR were cancelled and retired upon receipt by the company. As of March 9, 2012, and subsequent to each of the foregoing transfers, the Company had approximately 118.3 million shares outstanding. The company now expects that the fully diluted share count for the fourth quarter of fiscal 2012, which ends March 31, 2012, will be approximately 121 million and the fully diluted share count for the full fiscal 2012 will be approximately 126 million.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership. For additional information please visit www.gtat.com.