07:49 AM EST, 01/06/2025 (MT Newswires) -- Uber Technologies ( UBER ) said Monday it has signed an accelerated share repurchase agreement with Bank of America to buy back $1.5 billion of its shares as part of its $7 billion stock repurchase program.

Under the terms, Uber ( UBER ) said it will pay $1.5 billion to Bank of America on Monday for an initial delivery of about 18.6 million shares, representing about 80% of the shares it expects to buy back under the agreement.

The total number of shares to be repurchased will be based on the volume-weighted average share price on specified dates, the company said. The transactions are expected to be completed in Q1.

Uber ( UBER ) shares were more than 5% higher in premarket trading.