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He said the majority of the higher borrowing was due to a one-off £1.7bn payment from the government to the private sector to repurchase military accommodation.

The process involves borrowing a stock, immediately selling it and then repurchasing it when its value goes down to pocket the difference.

Even with the repurchases, the merger resulted in the elimination all competition in some communities.

TKO said it will have a share repurchase program of up to $2 billion on its Class A common stock and a $75-million quarterly cash dividend program.

Over the next two years, U.S. companies spent a record $1.3 trillion repurchasing and retiring their own stock, a 50% jump from the prior two years.