Thor Industries Inc. announced Thursday (Dec. 17) that it purchased shares of its common stock from the estate of Wade F. B. Thompson in a private transaction.

The estate currently holds all of the stock of the late Wade F. B. Thompson, Thor’s co-founder and former CEO, according to a news release.

Pursuant to the terms of a repurchase agreement, 3,980,000 shares of Thor’s common stock were purchased at a price of $29 per share. The repurchase transaction was evaluated and approved by directors of Thor’s board who are not affiliated with the estate. The repurchase represents 7.2% of Thor’s common stock currently outstanding. Thor used available cash to purchase the shares.