STOCKHOLM, May 2, 2024 /PRNewswire/ -- In accordance with the resolution by the Annual General Meeting 2024, Ericsson (NASDAQ: ERIC) expands its treasury stock in order to provide shares for the Long-Term Variable Compensation Program LTV I 2023 for Ericsson's executive team.
The Board of Directors of Ericsson has today resolved, by virtue of authorization given by the Annual General Meeting on April 3, 2024 (the "AGM 2024"), to direct an acquisition offer to all holders of C shares to acquire these shares. The acquisition shall be made during the period May 14 - May 27, 2024 and payment for acquired shares shall be made in cash with approximately SEK 5 per share (corresponding to the quota value of the Ericsson share).
The offer is part of the financing of Ericsson's Long-Term Variable Compensation Program LTV I 2023 and includes all 4.1 million C shares which the AGM 2024 resolved to issue to Investor AB for this program. Investor AB have today subscribed for all 4.1 million C shares and informed Ericsson that they intend to accept the acquisition offer.
Once all 4.1 million C shares have been acquired by Ericsson, the Board intends to convert them to B shares. After the conversion, the total number of shares in Ericsson will amount to 3,348,251,735, of which 261,755,983 are A shares and 3,086,495,752 are B shares. Ericsson currently holds 12,184,543 B shares as treasury stock.
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Ericsson enables communications service providers and enterprises to capture the full value of connectivity. The company's portfolio spans the following business areas: Networks, Cloud Software and Services, Enterprise Wireless Solutions and Global Communications Platform. It is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com
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