Flywire (FLYW) has entered into a definitive agreement with a pre-initial public offering shareholder to buy all of its outstanding non-voting common stock of about 1.9 million shares for $29 million, the company said Friday.

Flywire said it is financing the transaction entirely with cash on its balance sheet under its existing $300 million share repurchase program.

The direct purchase replaces the need for a formal accelerated share repurchase plan, the company said. Flywire intended to enter into an accelerated share repurchase plan of up to $50 million.

Following the completion of the repurchase, the shares of non-voting common stock will be retired, and there will be no non-voting common stock outstanding, according to a statement.