Philips (NYSE: PHG) + announced today that it plans to repurchase shares for an amount up to $137.4 million (€125 million).

The Amsterdam-based medtech giant said in a news release that the repurchase aims to cover certain obligations from a long-term incentive plan. At the current share price, the repurchase comprises a total of approximately 4.8 million shares.

Philips plans to execute the repurchases through a combination of forward transactions and open market purchases with a financial institution. The company expects to take delivery of the forward share purchases in 2026 and plans to execute its open market purchases in the third quarter of 2024. An intermediary will execute those purchases to allow for share purchases during both open and closed periods.

According to Philips, it plans to execute all repurchases in accordance with the EU Market Abuse Regulation and within the limits of the authorization granted by the company’s General Meeting of Shareholders on May 7, 2024.

This latest repurchase adds to a similar execution made around the same time last year. In July 2023, the company initiated a repurchase of 7.1 million shares, also to cover certain obligations arising from long-term incentive plans. At the share price at the time, that repurchase totaled approximately $148.3 million (€132 million). The company also had a nearly $300 million share repurchase take place in 2020.