DirecTV Group repurchased 100 million shares of its common stock from groups representing General Motors employees in a transaction valued at about $1.6 billion, DirecTV announced Feb. 27.

DirecTV agreed to pay $15.50 per share for the stock held by the General Motors Special Hourly Employees Pension Trust, the General Motors Special Salaried Employees Pension Trust and the Sub-Trust of the General Motors Welfare Benefit Trust.

The transaction is expected to be completed March 3, leaving the GM groups with an aggregate of about 115 million shares of DirecTV common stock, representing less than 10 percent of DirecTV’s outstanding shares.