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Quanta Services to repurchase another $500M of common stock

The board of Quanta Services Inc. authorized it to repurchase up to $500 million worth of common shares from time to time.

The new stock repurchase program is in addition to the remaining $46 million available under the previously authorized $300 million stock repurchase program under which the company has repurchased approximately 7.2 million shares in the open market for a total cost of approximately $254 million.

"Since mid-2014, Quanta has allocated approximately $2 billion to repurchase 78.9 million shares of its outstanding stock under several stock repurchase authorizations, representing approximately 36% of our outstanding common stock as of the start of those programs," Quanta President and CEO Duke Austin said in a Sept. 4 news release.

The company said it may execute the new program through open market repurchases or privately negotiated transactions.