ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has initiated a share repurchase program, acquiring 872,093 of its own shares at an average price of €4.04 per share on Monday. The transactions, conducted on the Helsinki stock exchange, are part of a broader effort to mitigate the dilutive impact of recent share issuances related to the acquisition of Infinera (NASDAQ:INFN) Corporation and certain share-based incentives.
On November 22, the company's Board of Directors announced the buyback plan, which commenced today and is scheduled to continue until December 31, 2025. Nokia aims to repurchase up to 150 million shares, allocating a maximum of €900 million for the program.
Following the transactions on Monday, Nokia's treasury holds 360,574,603 shares. This move aligns with the regulatory framework of the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, under the authorization given by Nokia's Annual General Meeting on April 3, 2024.
Nokia, a company recognized for its contributions to technology and innovation, is known for developing networks that are adaptable, secure, and sustainable. It collaborates closely with service providers, enterprises, and partners globally, offering advanced networks and gearing up for the future digital services and applications.
The repurchase program reflects Nokia's strategic financial management following its expansion through the Infinera acquisition. The company's commitment to shareholder value is evident in its proactive approach to share buybacks, aiming to balance the effects of equity compensation and acquisition-related share dilution.
The information for this article is based on a press release statement from Nokia Corporation.
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