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Humana agrees to repurchase $1B in common shares from Bank of America

Humana Inc. agreed to buy back $1 billion of the company's common stock from Bank of America NA, a unit of Bank of America Corp.

The agreement is part of the insurance company's recently approved $3 billion share repurchase program.

Humana agreed to initially acquire 3,284,342 of its common shares from Bank of America for cash on hand. The final number of shares Humana will acquire is expected to be finalized in the first quarter of 2018.