3M stock was up more than 5% in after-hours trading after the company said it issued warrants allowing Amazon.com to buy up to 3.1 million shares over seven years as part of a data-center products deal.

The materials manufacturer said the shares would be priced at $164.89, slightly higher than Monday's closing price of $162.01. The majority of shares will fully vest after Amazon spends $6 billion on optical connectors and other products meant for data centers, 3M said.

Amazon has previously taken warrants in suppliers, including Generac and Qualcomm, but the 3M deal would amount to less than 1% ownership based on the amount of shares outstanding.