ESPOO - Finnish telecommunications giant Nokia Oyj (HE:NOKIA) (LEI: 549300A0JPRWG1KI7U06) has repurchased its own shares as part of a buyback program initiated on November 25, 2024, the company announced today. The transaction involved the acquisition of 872,093 shares at a weighted average price of €4.22 per share, totaling €3,676,744.
This move follows the company's announcement on November 22, 2024, that its board had approved a share buyback plan to offset the dilutive impact of shares issued to Infinera (NASDAQ:INFN) Corporation shareholders and certain stock-based incentives for Infinera Corporation. The program, which is in compliance with EU Market Abuse Regulation (MAR) and the Commission Delegated Regulation (EU) 2016/1052, is based on the authorization given by Nokia's Annual General Meeting held on April 3, 2024. The buyback program aims to acquire 150 million shares, with a maximum total expenditure of €900 million, and is set to conclude by December 31, 2025, at the latest.
As a result of the recent transactions, Nokia now holds 213,393,499 of its own shares. The buyback is executed through BofA Securities Europe SA on behalf of Nokia.
Nokia is known for creating technology that connects the world. As a leader in B2B technology and innovation, Nokia pioneers advanced network solutions that are intuitive and intelligent. The company's position is built on expertise in fixed, mobile, and cloud networks. Nokia generates value through intellectual property rights and sustained research and development, led by the acclaimed Nokia Bell Labs. Its efficient network solutions, based on open architecture, integrate seamlessly into various ecosystems, offering new commercialization and scaling opportunities. Service providers, businesses, and partners worldwide rely on the performance, responsibility, and security standards of Nokia's networks.
The information for this report is based on a press release statement from Nokia Oyj.
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