By Chris Wack

Royal Philips said Wednesday it will repurchase up to two million shares to cover certain of its obligations arising from its long-term incentive and employee stock purchase plans.

The company said that at the current share price, the shares represent an amount of up to EUR91 million ($111.3 million).

Royal Philips said 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 its general meeting of shareholders on May 6.

Philips expects to take delivery of the shares in 2023.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 19, 2021 10:31 ET (14:31 GMT)

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