Los Angeles — AECOM entered into an accelerated share repurchase agreement with JPMorgan Chase Bank, National Association (JPMorgan) to repurchase $150 million of its common stock. This transaction will enable the Company to reduce its outstanding share count shortly after execution of the agreement, and reflects the initial repurchase under its previously-announced $1 billion authorization by the Board of Directors last September.

“We are executing share repurchases as a result of the existing momentum underpinning our business and our confidence in its long-term trajectory,” said Michael S. Burke, AECOM’s chairman and chief executive officer. “Our strong business fundamentals create a compelling opportunity to redirect cash flow to repurchases, as part of our commitment to driving substantial value for AECOM and our shareholders.”

Under the accelerated share repurchase agreement, AECOM will provide $150 million to JPMorgan and will receive a substantial percentage of the repurchased shares upfront while the final share amount will be determined based upon the average of the daily volume weighted average prices of AECOM’s common stock over the term of the agreement. AECOM expects the accelerated share repurchase agreement to be completed in the first quarter of fiscal year 2019. At settlement, AECOM may be entitled to receive additional shares of common stock from JPMorgan or, under certain circumstances, may be required to issue additional shares or make a cash payment to JPMorgan at AECOM’s option.