# Press Releases
GLADE MICHEL WIRTZ has advised GEA on share buyback program
4 January 2023
GLADE MICHEL WIRTZ has advised the MDAX-listed industrial group GEA Group Aktiengesellschaft (GEA) on matters of stock and capital market law in connection with a share buyback program with a total volume of approximately EUR 300 million.
The program was carried out in two tranches in 2021 and 2022 and was successfully concluded on 30 December 2022. GEA repurchased a total of 8,161,096 shares on the stock market. This corresponds to 4.52 % of the Company's share capital. The acquired shares may be used for any purpose authorized by the Annual General Meeting of 19 April 2018; there are currently no plans to cancel the shares.
Share buyback with a sustainability initiative
The second tranche of the share buyback program implemented with BNP Paribas was also linked to an ESG component. GEA is thus the first company in Germany to combine a share buyback with a sustainability initiative.
GEA has entered into a three-year partnership with the non-profit organization Viva con Agua, which promotes access to clean drinking water. GEA uses part of the guaranteed outperformance of the share buyback program and donated EUR 250,000 to a rainwater harvesting facility in Tanzania that will provide clean water to three schools, among other beneficiaries.
GEA Group Aktiengesellschaft (Inhouse Recht Düsseldorf):
Dr. Matthias Decker (Vice President Compliance and Principal Legal Matters), Dr. Jonathan Boeckmann (Legal Counsel)
GLADE MICHEL WIRTZ (Düsseldorf):
The press release is available for download here: GLADE MICHEL WIRTZ has advised GEA on share buyback program