By Joshua Kirby

Deutsche Boerse is to launch a share buyback of 300 million euros ($321.6 million,) and set out a new annual dividend policy.

The operator of the German stock exchange said late Monday that it will from now on pay 30%-40% of its adjusted annual net profit in dividends, entailing an increase in dividend per share. For 2023, the company plans to pay out some 40% of profits, it said.

For 2022, DB proposed a payout of 44% of profits.

Deutsche Boerse will complement dividend payouts with share buybacks in case of excess cash, starting with a buyback of EUR300 million beginning in the first quarter of next year.

"The executive board will decide separately on the details of the share buyback," the company said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

November 07, 2023 01:52 ET (06:52 GMT)

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