ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has repurchased 872,093 of its own shares on Tuesday, as part of a broader effort to counterbalance the dilution caused by the issuance of new shares related to its acquisition of Infinera (NASDAQ:INFN) Corporation. The shares were bought back at an average price of €4.18 per share, totaling approximately €3.65 million.
The share buyback program was announced on November 22, 2024, following the approval of the Board of Directors to mitigate dilutive effects from the distribution of new Nokia shares to Infinera shareholders and for certain share-based incentives. The authorization for the buyback was granted at the Annual General Meeting on April 3, 2024.
The program, which aligns with the Market Abuse Regulation (EU) 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, commenced on November 25, 2024, and is set to conclude by December 31, 2025. Nokia aims to repurchase up to 150 million shares, with a maximum aggregate purchase price of €900 million.
As a result of the recent transaction, Nokia now holds 211,649,313 treasury shares. The repurchase took place exclusively on the XHEL trading venue, with no transactions reported on CEUX, BATE, AQEU, or TQEX.
Nokia is a leader in technology innovation, focusing on network solutions that encompass mobile, fixed, and cloud networks. The company is known for its commitment to creating secure, reliable, and sustainable networks. Nokia also emphasizes the importance of intellectual property and long-term research, spearheaded by the Nokia Bell Labs.
This repurchase activity is part of Nokia's strategic financial management and is based on a press release statement issued by the company.
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