ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has executed another phase of its share repurchase program, acquiring 872,093 of its own shares on Wednesday. The average price paid per share was €4.17, amounting to a total expenditure of approximately €3.64 million.
The share buyback initiative, announced on November 22, 2024, was launched to mitigate the dilutive impact of issuing new shares to Infinera (NASDAQ:INFN) Corporation shareholders and for Infinera share-based incentives. The program, which complies with the Market Abuse Regulation (EU) 596/2014 and related legislation, began on November 25, 2024, and is set to conclude by December 31, 2025.
Under the current plan, Nokia aims to repurchase up to 150 million shares with a maximum aggregate purchase price of €900 million. Following the transactions on Wednesday, the technology firm holds a total of 212,521,406 treasury shares.
Nokia's share buyback program is part of its broader strategy to optimize shareholder value and reflects confidence in the company's financial stability and future prospects. The repurchase program is executed within the parameters set by the authorization granted by Nokia’s Annual General Meeting on April 3, 2024.
Nokia is a global leader in B2B technology innovation, developing networks that are designed to be adaptive, intelligent, and scalable. The company is recognized for its contributions to mobile, fixed, and cloud networks, as well as its commitment to creating value through intellectual property and long-term research led by Nokia Bell Labs. With a focus on secure, reliable, and sustainable networks, Nokia aims to empower service providers, enterprises, and partners around the world to embrace the digital services and applications of tomorrow.
The information presented in this article is based on a press release statement issued by Nokia Corporation.
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