ESPOO, Finland - Nokia Corporation (HEL:HE:NOKIA) has announced the repurchase of 872,093 of its own shares on Friday, as part of its ongoing buyback program. The transactions were carried out on the Helsinki Stock Exchange (XHEL) with an average weighted price of €4.41 per share, totaling approximately €3.84 million.
The buyback initiative, which began on November 25, 2024, is designed to counteract the dilutive effect of issuing new shares to Infinera (NASDAQ:INFN) Corporation shareholders and for certain share-based incentives following Nokia's acquisition of Infinera. The program is set to run until December 31, 2025, with the objective of repurchasing up to 150 million shares for a maximum aggregate purchase price of €900 million.
This strategic move was authorized by Nokia's Board of Directors and is in accordance with the Market Abuse Regulation (EU) 596/2014 (MAR), and the Commission Delegated Regulation (EU) 2016/1052. It follows the authorization granted by Nokia’s Annual General Meeting on April 3, 2024.
As a result of the recent share repurchase, Nokia now holds a total of 226,474,894 treasury shares. The company's repurchase program is a part of its broader strategy to manage its capital structure and to return value to shareholders.
Nokia is a global leader in technology innovation, focusing on creating high-performance networks and partnering with service providers, enterprises, and other entities. The company is known for its contributions to mobile, fixed, and cloud networks, as well as its long-term research spearheaded by the renowned Nokia Bell Labs.
The repurchase of shares is a common practice among publicly traded companies, allowing them to reinvest in themselves by reducing the number of shares available on the open market, which can increase the value of remaining shares.
The information provided in this article is based on a press release statement from Nokia Corporation.
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