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United Internet Plans Upto 9 Mln Sharebuyback; To Sell Shares In Rocket Internet

United Internet AG (UDIRF.PK) Monday said it has decided to make a share buyback offer to its shareholders for a total of up to 9 million shares at a price of 29.65 euros per share.

Concurrently, Rocket Internet SE irrevocably undertook to accept United Internet's share buyback offer for 8.14 million shares held by Rocket Internet. If United Internet's public share buyback offer is oversubscribed, a proportional allocation will be made to Rocket Internet SE.

United Internet said it makes use of the authorization granted by the annual general meeting on May 18, 2017, under which up to 10% of the company's share capital may be bought back by September 18, 2020.

This authorisation by the annual general meeting has so far been made use of through the share buyback programme announced in August 2019. In the period from August 16, 2019 to March 31, 2020 at the latest, the company's own shares could be repurchased exclusively via the stock exchange at a total acquisition cost of up to 192 million euros, up to a maximum of 6 million shares.

To date, 3.92 million treasury shares have been acquired as part of this share buyback program.

United Internet currently holds a total of 8.62 million treasury shares. This corresponds to about 4.21% of the company's share capital.

Further, United Internet resolved, and its unit United Internet Investments Holding AG & Co. KG has irrevocably undertaken, to accept a share buyback offer by Rocket Internet for up to 15.08 million shares for all shares indirectly held by United Internet in Rocket Internet against payment of the offer price of 21.50 euros per share.

As United Internet Investments are not included in the allocation, Oliver Samwer, CEO of Rocket Internet, personally acquires these shares at a price of 21.50 euros per share until June 30, 2020.

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