General Motors stock price is surging.
The Treasury Department confirmed the company would repurchase about 200 million shares still owned by the government for $27.50 a share, according to Dealbook .
This represent a little less than half of the Treasury's entire stake.
The purchase price is about 6 percent higher than GM's Tuesday closing price,
GM expects to buy the remaining shares within the next year to 15 months, depending on market conditions.
GM shares closed Tuesday at $25.49.
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