ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has announced the repurchase of 872,093 of its own shares on Thursday, marking a continuation of the share buyback program initiated by the company's Board of Directors. The shares were acquired at an average price of €4.44 per share, totaling approximately €3.87 million.
The buyback program, which began on November 25, 2024, is part of Nokia's strategy to mitigate the dilutive impact of issuing new shares to Infinera (NASDAQ:INFN) Corporation shareholders and for certain share-based incentives following a corporate action announced on November 22, 2024. The program is being conducted in accordance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, under the authorization of Nokia’s Annual General Meeting on April 3, 2024.
Nokia's buyback plan targets the repurchase of 150 million shares by the end of December 31, 2025, with a maximum aggregate purchase price of €900 million. Following the recent transactions, Nokia now holds 225,602,801 treasury shares.
The share repurchase is part of Nokia's broader commitment to its shareholders and is aimed at optimizing the company's capital structure. Nokia is a global leader in the telecommunications industry, known for its innovative technology and contributions to the development of networks that are secure, reliable, and sustainable. The company's expertise extends across mobile, fixed, and cloud networks, and it is recognized for its intellectual property and long-term research conducted by Nokia Bell Labs.
The information regarding the share buyback is based on a press release statement from Nokia Corporation.
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