ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has progressed with its share repurchase plan, acquiring 872,093 of its own shares at an average price of €4.22 per share on the Helsinki Stock Exchange (XHEL) on Friday. This transaction is part of a broader buyback program announced on November 22, 2024, aimed at mitigating the dilutive impact of new shares issued in connection with the acquisition of Infinera (NASDAQ:INFN) Corporation.
The buyback initiative, authorized by Nokia's Annual General Meeting on April 3, 2024, commenced on November 25, 2024, and is set to conclude by December 31, 2025. With a target to repurchase up to 150 million shares, the program caps the total expenditure at €900 million.
The recent transaction on December 13, 2024, resulted in a total expenditure of approximately €3.68 million, further increasing the company's treasury shares to 214,265,592. The repurchase activity is conducted in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052.
Nokia, a leader in B2B technology innovation, continues to focus on developing networks that are capable of sensing, thinking, and acting, leveraging advancements across mobile, fixed, and cloud networks. The company is also recognized for its intellectual property and long-term research, spearheaded by the renowned Nokia Bell Labs.
The buyback program reflects Nokia's strategic measures to enhance shareholder value and manage the company's capital structure. The information provided is based on a press release statement from Nokia Corporation.
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