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MasTec is suspending late-stage negotiations for a large acquisition, saying it will prioritize share repurchases instead. The infrastructure engineering and construction company said Thursday that its existing authorization covers $250 million in buybacks, with the full amount still available.
The company described the potential deal as an opportunity that could be accretive, but did not disclose further details about the acquisition talks.
MasTec shares fell 7.7% to $154.75 by midday Thursday, after trimming some earlier losses following the announcement. The stock is down 29% year to date.
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