United Technologies announced on Friday accelerated share buyback agreements with both Goldman Sachs and Morgan Stanley for the repurchase of a total of $2.65 billion worth of the industrial conglomerate's common stock. Under terms of the agreements, United Technologies will make payments of $1.325 billion to both Goldman and Morgan Stanley, and will initially receive 9,298,426 shares of its stock from each firm. The number of shares received may be adjusted based on the daily volume-weighted average price of the stock during the term of the agreements. The company said the agreements are part of its $3 billion buyback target for 2015. The stock, a component of the Dow Jones Industrial Average, was inactive in premarket trade. It has rallied 8.1% in the past three months, outperforming the Dow's 3.6% gain.
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