ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has completed a purchase of its own shares on Thursday, as part of its effort to mitigate the dilutive effect of issuing new shares. The company acquired a total of 872,093 shares at a weighted average price of €4.04 per share, amounting to a total cost of €3,522,558.
The buyback program was announced on November 22, 2024, following the issuance of new shares to shareholders of Infinera (NASDAQ:INFN) Corporation and for certain share-based incentives related to the same. The repurchase initiative, which is being conducted under the authorization of Nokia's Annual General Meeting held on April 3, 2024, began on November 25, 2024, and is set to conclude by December 31, 2025. The program targets the repurchase of 150 million shares for a maximum aggregate purchase price of €900 million.
This move is in line with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. After the transactions on Thursday, Nokia holds 209,905,127 treasury shares.
Nokia, a global leader in B2B technology innovation, is known for developing networks that are capable of sensing, thinking, and acting. The company's work spans mobile, fixed, and cloud networks. Nokia Bell Labs, their research arm, has been recognized for its contributions to long-term research. The company's open architectures are designed to fit seamlessly into various ecosystems, offering high-performance networks that enable monetization and scalability for service providers, enterprises, and partners around the world.
The repurchase of shares is a strategic move by Nokia to manage its capital structure and shareholder value following the integration of Infinera Corporation. This information is based on a press release statement from Nokia Corporation.
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