Masco Corporation announced it has entered an accelerated share repurchase agreement with Royal Bank of Canada to repurchase $350 million of Masco’s common stock. The agreement is part of Masco’s existing share repurchase authorization, under which $2 billion of authority was announced on February 9, 2021.

Under the agreement, Masco will receive initial delivery of approximately 5.1 million shares on June 10, representing 85% of the number of shares of common stock initially underlying the accelerated share repurchase agreement, based on the company’s common stock closing price of $58.41 on June 9.

The final number of shares to be repurchased will be based on Masco’s volume-weighted average price during the term of the transaction, less a discount, according to a news release. The agreement is expected to be completed no later than July 29, 2021.

Livonia, Mich.-based Masco specializes in the design, manufacture, and distribution of branded home improvement and building products. The company’s portfolio includes Behr paint, Delta and Hansgrohe faucets, bath, and shower fixtures, Kichler decorative and outdoor lighting, and HotSpring spas.