Aecom Technology Corp. late Tuesday said that its board authorized the repurchase of up to $200 million of its common stock to reduce the number of outstanding shares.

The downtown Los Angeles provider of engineering and management services said it signed an accelerated share repurchase agreement with Bank of America N.A. in which the bank on the company’s behalf will repurchase $100 million worth of Aecom shares, with a substantial majority to be repurchased by Friday.

The company currently has roughly 119 million shares outstanding and a market cap of $2.38 billion. Its share price has fallen 32 percent since the beginning of the year.

Aecom said it expects the share agreement to be completed no later than the first quarter of next year. The remaining $100 million worth of shares may be repurchased from time to time in the open market at the company’s discretion.

“The share-repurchase program complements our strategy of balanced growth, and we will continue to deploy our strong balance sheet to invest in both organic growth initiatives and strategic acquisitions, which we believe will drive long-term growth,” said Chief Executive John M. Dionisio in a statement.

Separately, Aecom announced that a joint venture with Parsons has been awarded a $150 million contract by the San Francisco Public Utilities Commission. The venture will plan and oversee part of a multi-year, $7 billion wastewater capital improvement program in San Francisco.

Aecom shares earlier closed down 42 cents, or 2 percent, to $19.52 on the New York Stock Exchange.