Quanta Services Announces New $1.25B Stock Buyback Program

Quanta Services, Inc.

today announced that its board of directors has authorized the company to repurchase, from time to time through February 28, 2017, up to $1.25 billion in shares of its outstanding common stock. To implement a portion of this program, the company intends to enter into a $750 million accelerated stock repurchase ("ASR") arrangement in the near term. The newly announced program follows completion of Quanta's previously authorized stock repurchase program, under which Quanta repurchased approximately 14.4 million shares of its common stock in the open market for a total cost of approximately $406 million in 2015. "This new stock repurchase program demonstrates our confidence in Quanta's long term growth prospects and our commitment to enhancing shareholder value. This is the largest stock repurchase authorization in Quanta's history and follows the early completion of our previous $500 million stock repurchase program," said Jim O'Neil, president and chief executive officer of Quanta Services. "The sale of our fiber optic licensing operations to Crown Castle International closed yesterday for an estimated $830 million