O'Reilly Automotive Announces Addl $1 Bln Share Repurchase Authorization

(RTTNews) - O'Reilly Automotive Inc. (ORLY) said that its board approved a resolution to increase the authorization amount under its share repurchase program by an additional $1 billion, raising the aggregate authorization under the program to $11.75 billion.

The company also announced that it has entered into a definitive agreement to purchase substantially all of the auto parts related assets of Bennett Auto Supply, Inc., headquartered in Pompano Beach, Florida. The asset purchase is expected to be completed by the end of this year.

The additional $1 billion authorization is effective for a three-year period, beginning on November 13, 2018.