ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has announced the repurchase of 872,093 of its own shares on Tuesday as part of its ongoing share buyback program. The shares were acquired at an average price of €4.01 per share on the Helsinki Stock Exchange (XHEL).
This transaction is a continuation of the buyback program initiated by Nokia's Board of Directors on November 22, 2024, which aims to mitigate the dilutive impact of new shares issued in connection with the acquisition of Infinera (NASDAQ:INFN) Corporation and related share-based incentives.
The share repurchase program, which is in accordance with market abuse regulations, began on November 25, 2024, and is set to conclude by December 31, 2025. The goal is to buy back up to 150 million shares for a maximum aggregate purchase price of €900 million.
Following this latest transaction, the total cost of which amounted to €3,497,006, Nokia now holds 365,807,161 treasury shares. The buybacks are executed under the authorization granted by Nokia’s Annual General Meeting held on April 3, 2024.
Nokia, a B2B technology innovation leader, is known for creating networks that are intended to be adaptive and scalable. The company's focus extends to intellectual property and long-term research spearheaded by the Nokia Bell Labs.
The repurchase program reflects Nokia's strategic approach to managing its capital structure and shareholder value. The information regarding the share buyback is based on a press release statement issued by the company.
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