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ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has repurchased 4,672,426 of its own shares on Monday, with an average price of €4.88 per share, the company disclosed in a statement. The transactions, part of a broader share buyback program, were conducted across several trading venues, including XHEL and CEUX.
The buyback initiative, announced on November 22, 2024, was implemented to counterbalance the dilutive impact of new shares issued in connection with the acquisition of Infinera (NASDAQ:INFN) Corporation and related share-based incentives. The program, authorized by Nokia’s Annual General Meeting on April 3, 2024, aims to buy back up to 150 million shares for a maximum total cost of €900 million by December 31, 2025.
On the day of the transaction, Nokia spent a total of €22,782,749 to acquire the shares, which now increases its treasury shares to 204,719,506. The share repurchase aligns with regulations set by the Market Abuse Regulation (EU) 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.
The Finnish multinational telecommunications company, recognized for its contributions to mobile, fixed, and cloud networks, continues to focus on technology innovation. Nokia Bell Labs, its industrial research arm, is known for its century-long history of technological advancements.
The information for this report is based on a press release statement from Nokia Corporation.
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