Motorola Solutions to buy back up to $2 billion in stock after Silver Lake investment

Motorola Solutions Inc. is buying back up to $2 billion worth of stock, partly with a recent $1 billion investment from private equity firm Silver Lake.

The buyback will be through a modified "Dutch Auction" tender offer, which allows the company to modify the asking price of the stock. Under the plan, shareholders can tender their stock between a range of $61 and $66.50 per share. The communications technology company will determine the lowest price within the range that allows it to purchase up to an about $2 billion of its common stock.

Shares of Schaumburg, Illinois-based Motorola Solutions fell 24 cents to close at $63.80 on Thursday.