Amsterdam-based health technology company, Royal Philips, has revealed its plans to repurchase shares worth up to EUR 125 million. The buyback program aims to cover certain obligations arising from the company’s long-term incentive plans. At the current share price, this amounts to approximately 4.8 million shares. The repurchases will be carried out through a combination of forward transactions and open market purchases in collaboration with a financial institution. Philips expects to take delivery of the forward share purchases in 2026, while the open market purchases are scheduled for Q3 2024 and will be facilitated by an intermediary. These repurchases will be conducted in compliance with the EU Market Abuse Regulation and within the limits authorized by the company’s General Meeting of Shareholders in May 2024. Updates on the progress of the program and further details will be provided through press releases and the company’s website. With a focus on improving people’s health and well-being through meaningful innovation, Royal Philips is a leading player in health technology. The company leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers. Philips operates in various sectors, including diagnostic imaging, ultrasound, image-guided therapy, monitoring, and enterprise informatics. With sales and services in over 100 countries, Philips generated EUR 18.2 billion in sales in 2023 and employs approximately 68,700 individuals. For more information, please visit www.philips.com/newscenter.
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