Arconic Inc. has entered an accelerated share repurchase agreement with Goldman Sachs & Co. LLC to repurchase $200 million of Arconic’s common stock, pursuant to the share repurchase program previously authorized by the board.

Under the ASR agreement, Arconic will receive initial delivery of approximately 6.8 million shares on Aug. 8, 2019. The final number of shares to be repurchased will be based on the volume-weighted average price of Arconic’s common stock during the term of the transaction, less a discount. The ASR agreement is expected to be completed during the second half of 2019.

After giving effect to the share repurchase under the ASR agreement, $400 million remains available under the prior authorization by the board for share repurchases.

Arconic plans to split into two companies by the second quarter of 2020. The names of the two companies will be Howmet Aerospace Inc. and Arconic Corp. The identities of Remain Co. and Spin Co. will be announced in the company’s third quarter 2019 earnings release.