Motorola Solutions said it was buying back 11,319,047 shares of its common stock from ValueAct Capital, its largest shareholder, for about $750 million. The telecommunications equipment maker is paying $66.26 a share for the stock, which is 0.7% below Tuesday's closing price of $66.76. Prior to the deal, ValueAct Capital owned 28,907,623 shares of Motorola Solutions, according to FactSet. After the buyback is complete, ValueAct will still own 7.8% of Motorola Solutions outstanding common shares, the company said. "This transaction is an indication of our confidence in the business," said Chief Executive Greg Brown. "It's also consistent with our stated intention to return the proceeds from the recent sale of our Enterprise business to shareholders in a timely manner." Motorola Solutions' stock has lost 1.1% so far this year, while the S&P 500 has gained 8.9%.
Copyright © 2014 MarketWatch, Inc.