Paris, April 7, 2023
On October 28, 2022, Safran (Euronext Paris: SAF) announced that it would repurchase up to 9.4 million of its own shares (c. 2.2% of its capital) with a view to eliminating the potential dilution risk related to its convertible bonds maturing in 2027. Since then, Safran already repurchased 6.9 million shares to this end.
On April 7, 2023, Safran has entered into an agreement with an investment services provider for the implementation of a new tranche of this repurchase to meet its obligations arising from its convertible bonds maturing in 2027. According to this agreement, Safran will acquire up to Euro 350 million worth of ordinary shares from April 11, 2023 and no later than June 9, 2023.
This operation will be carried out in accordance with the share buyback authorization granted on May 25, 2022 by the shareholders’ General meeting that has set the maximum purchase price at Euro 165 per share, then, as the case may be, in accordance with a new buyback program at a maximum price of Euro 175 per share that will be submitted to the authorization of the shareholders’ General meeting on May 25, 2023.
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Safran is an international high-technology group, operating in the aviation (propulsion, equipment and interiors), defense and space markets. Its core purpose is to contribute to a safer, more sustainable world, where air transport is more environmentally friendly, comfortable and accessible. Safran has a global presence, with 83 000 employees and sales of 19.0 billion euros in 2022, and holds, alone or in partnership, world or regional leadership positions in its core markets. Safran undertakes research and development programs to maintain the environmental priorities of its R&T and innovation roadmap.
Safran is listed on the Euronext Paris stock exchange and is part of the CAC 40 and Euro Stoxx 50 indices.
- © Cyril Abad / CAPA Pictures / Safran