ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) continued its share buyback program on Wednesday, purchasing 872,093 of its own shares at an average price of €4.29 per share, amounting to a total transaction cost of €3,745,465. The repurchase is part of a broader initiative to mitigate the dilutive impact of issuing new shares to Infinera (NASDAQ:INFN) Corporation shareholders and for certain share-based incentives.
The buyback program was announced on November 22, 2024, following the authorization 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 aim is to acquire 150 million shares for a maximum aggregate purchase price of €900 million, under the compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), and the Commission Delegated Regulation (EU) 2016/1052.
Following the transactions on Wednesday, Nokia holds a total of 216,881,871 treasury shares. The company's repurchase initiative is part of its capital allocation strategy, which includes managing the balance sheet and returning value to shareholders.
Nokia is a global B2B technology leader focused on building networks that are capable of sensing, thinking, and acting. It operates across mobile, fixed, and cloud networks, leveraging its extensive research, including the work of the award-winning Nokia Bell Labs. Known for its open architectures and high-performance networks, Nokia serves service providers, enterprises, and partners worldwide.
The share repurchase program is a common practice among companies seeking to reduce share count and increase earnings per share, and it also reflects confidence in the company's financial stability and future performance. This move by Nokia aligns with its strategic priorities and long-term interests of its shareholders.
This news is based on a press release statement from Nokia Corporation.
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