Benzinga | May 19, 2021 10:01AM EDT

Philips To Repurcahse Up To 2M Shares

Amsterdam, the Netherlands -- Royal Philips (NYSE:PHG, AEX: PHIA))))) today announced that it will repurchase up to 2 million shares to cover certain of its obligations arising from its long-term incentive and employee stock purchase plans. At the current share price, the shares represent an amount of up to approximately EUR 91 million.

The repurchases will be executed through one or more individual forward transactions, to be entered into in the course of the second quarter of 2021, in accordance with the Market Abuse Regulation and within the limits of the authorization granted by the company's General Meeting of Shareholders on May 6, 2021. Philips expects to take delivery of the shares in 2023. Further details will be available via this link.