Equinix Announces $500 Million Share Repurchase Program
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Equinix, Inc. (Nasdaq:EQIX), the global interconnection and data center company, today announced that its Board of Directors has authorized a share repurchase program of up to $500 million through December 31, 2014. Share repurchases may be made by the company from time to time in open market transactions at prevailing market prices or in privately negotiated transactions.
“The $500 million share repurchase authorization reflects our confidence in Equinix’s long-term strategy and commitment to a disciplined capital allocation program. Our first priority is to continue to invest in the business to capitalize on expansion opportunities in existing and potential future markets around the world. At the same time, Equinix’s financial performance and the strength of our balance sheet, gives us both the confidence and the flexibility to execute this share repurchase program thereby creating significant shareholder value,” said Steve Smith, Equinix CEO and president.
The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion, and will depend on a number of factors, including the trading price of the stock, compliance with the terms of our outstanding indebtedness, general market and business conditions and applicable legal requirements. Equinix has no obligation to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued or modified at any time, for any reason and without notice.
Equinix, Inc. (Nasdaq:EQIX), connects more than 4,400 companies directly to their customers and partners inside the world’s most networked data centers. Today, businesses leverage the Equinix interconnection platform in 31 strategic markets across the Americas, EMEA and Asia-Pacific. www.equinix.com.
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, the challenges of acquiring, operating and constructing IBX centers and developing, deploying and delivering Equinix services; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenue from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; and other risks described from time to time in Equinix’s filings with the Securities and Exchange Commission. The timing and amount of our common stock that we repurchase will depend on a number of factors as described above. For more information regarding the risks and uncertainties that Equinix faces see Equinix’s recent quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
Equinix and IBX are registered trademarks of Equinix, Inc.
International Business Exchange is a trademark of Equinix, Inc.
Source: Equinix, Inc.
Released December 4, 2013