ArcelorMittal (MT) priced the sale of about 23.9 million shares in Vallourec for gross proceeds of about $667 million, the company said Tuesday.

The shares were sold at 24 euros ($27.92) per share through an accelerated bookbuilding process to institutional investors, ArcelorMittal said.

Proceeds from the sale will be returned to shareholders through its ongoing share repurchase program, the company said.

ArcelorMittal will retain a 17.3% stake in Vallourec after the transaction's settlement on or around Thursday.

The company also agreed to a 90 days lock-up on its remaining Vallourec stake following settlement.