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Nintendo Buys Back 9.5 Million Shares for $1.13 Billion

Nintendo will buy back up to 9.5 million common shares for $1.13 billion. The shares, representing 7.82 percent of the company, were owned by the heirs of its late president, Hiroshi Yamauchi, who oversaw Nintendo’s entry into videogames in the 1980s. The massive buyback comes as Yamauchi’s successor, Satoru Iwata, is trying to pilot the company past a string of disappointing hardware sales.

This article originally appeared on Recode.net.