ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has purchased 872,093 of its own shares on the Helsinki Stock Exchange (XHEL) at an average price of €4.48 per share, the company reported on Wednesday. The transaction is part of a broader share buyback initiative announced on November 22, 2024, aimed at offsetting the dilutive impact of issuing new shares to Infinera (NASDAQ:INFN) Corporation shareholders and for Infinera share-based incentives.
The share repurchase program, which is in line with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, was authorized by Nokia’s Annual General Meeting on April 3, 2024. The program began on November 25, 2024, and is set to conclude by December 31, 2025. Nokia's goal is to acquire up to 150 million shares for a maximum total cost of €900 million.
The cost of the transactions on January 8, 2025, totaled approximately €3.9 million. Following these transactions, Nokia holds 224,730,708 treasury shares in its possession. The details of the day's transactions have been provided as an appendix to the company's announcement.
Nokia, a leader in B2B technology innovation, is known for its work in developing networks that are capable of sensing, thinking, and acting. The company's commitment to creating high-performance networks is evident in its collaborations with service providers, enterprises, and partners around the world. Nokia's networks are designed to be secure, reliable, and sustainable, with the aim of enabling the digital services and applications of the future.
The information in this article is based on a press release statement from Nokia Corporation.
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