ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has reported the acquisition of 872,093 of its own shares on Thursday, with the weighted average price per share at €4.23. This transaction is part of the company's ongoing share buyback program, which was announced on November 22, 2024, to mitigate the dilutive impact of issuing new shares to Infinera (NASDAQ:INFN) Corporation shareholders and for certain share-based incentives.
The share repurchase initiative aligns with the Market Abuse Regulation and the Commission Delegated Regulation, under the authorization of Nokia’s Annual General Meeting held on April 3, 2024. The program commenced on November 25, 2024, with a target to buy back 150 million shares at a maximum aggregate purchase price of €900 million, concluding by December 31, 2025.
The total cost of the transactions on Thursday amounted to €3,688,169. Following the recent repurchases, Nokia now holds 217,753,964 treasury shares in total.
Nokia, a leader in B2B technology innovation, is known for developing networks that are designed to be open and integrate seamlessly into various ecosystems. The company emphasizes the creation of technology that enables global collaboration, focusing on mobile, fixed, and cloud networks. Additionally, Nokia invests in intellectual property and long-term research, with contributions from the renowned Nokia Bell Labs.
This share repurchase is part of Nokia's broader strategy to optimize shareholder value and manage the company's capital structure. The information regarding these transactions is based on a press release statement issued by Nokia Corporation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.