Quanta Services Completes Accelerated Buyback Program With JPMorgan

Quanta Services Inc

disclosed, in a press statement, that it has completed the accelerated share buyback arrangement struck with JPMorgan Chase & Co.

. The company reached a deal with the financial services provider to repurchase shares worth $750 million, According to Quanta Services, the agreement enabled it to buy back its shares from the previously disclosed $1.25 billion share repurchase program. The company indicated that it received an initial delivery of about 25.7 million shares in August last year. Once it closed and made final settlement of the agreement on April 12, the company received an additional 9.4 million shares. In all, Quanta retired 35.1 million shares at a cost of $21.36 a share. Shares of the company closed higher by 2.10% on Tuesday.