ESPOO – Finnish telecommunications giant Nokia Oyj (HE:NOKIA) (LEI: 549300A0JPRWG1KI7U06) reported on Monday that it has purchased a tranche of its own shares as part of an ongoing buyback program. The company acquired 872,093 shares at a weighted average price of €4.47 per share on the Helsinki Stock Exchange (XHEL), totaling approximately €3.9 million.
This buyback is part of a broader initiative announced on November 22, 2024, aimed at mitigating the dilutive effect of shares issued to Infinera (NASDAQ:INFN) Corporation shareholders and certain stock-based incentives following a collaboration between the two companies. The buyback program, which adheres to the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, as well as the authorization granted by Nokia’s Annual General Meeting on April 3, 2024, commenced on November 25, 2024, and is set to conclude by December 31, 2025.
Nokia has outlined a target to repurchase up to 150 million shares, with a maximum total expenditure of €900 million earmarked for the program. Following the latest transaction, Nokia now holds 223,858,615 of its own shares.
The share buyback is part of Nokia’s strategy to create value for its shareholders and to manage its capital structure efficiently. Nokia is known for its contributions to technology that connects the world, with a focus on innovative network solutions. The company’s standing in the industry is built on expertise in fixed, mobile, and cloud network services, and it is recognized for its intellectual property and research led by the award-winning Nokia Bell Labs.
This latest development in Nokia’s share buyback program is based on a press release statement from the company.
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