TransCanada Corp. (NYSE: TRP) said Dec. 8 it intends to buy back common shares through private agreements.

The Calgary, Alberta-based company said it plans to purchase for cancelation up to about 6.6 million of its shares pursuant to private agreements between itself and an arm's-length third-party seller. The purchases will be on or before Oct. 31, 2016.

The price that TransCanada will pay for its shares purchased by way of private agreements will be at a discount to the prevailing market price of its shares on the Toronto Stock Exchange at the time of purchase.