REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec. 4, 2013--
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.
Business Exchange is a trademark of Equinix, Inc.
Source: Equinix, Inc.
Equinix Media Contact
Melissa Neumann, +1 650-598-6098
Katrina Rymill, +1 650-598-6583