TSX runs higher on rate cut expectations
ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has completed the purchase of its own shares on Monday, as part of a buyback program designed to offset the dilutive impact of a recent acquisition. The telecommunications equipment company acquired a total of 872,093 shares at an average price of €4.43 per share, amounting to a transaction cost of €3,867,209.
The buyback initiative, announced on November 22, 2024, is a strategic move following Nokia’s acquisition of Infinera (NASDAQ:INFN) Corporation, which involved issuing new Nokia shares to Infinera shareholders and for certain share-based incentives. This program, approved by Nokia’s Annual General Meeting on April 3, 2024, began on November 25, 2024, and is set to conclude by December 31, 2025. The goal is to repurchase up to 150 million shares for a maximum aggregate price of €900 million.
As a result of Monday’s transaction, Nokia now holds 236,903,084 treasury shares. The buyback is being conducted in accordance with the Market Abuse Regulation (EU) 596/2014 (MAR), Commission Delegated Regulation (EU) 2016/1052, and under the authorization granted by the company’s shareholders.
Nokia is recognized as a leader in B2B technology innovation, with a focus on developing networks that are capable of sensing, thinking, and acting. The company is known for its contributions across mobile, fixed, and cloud networks. Nokia Bell Labs, the company’s research division, is renowned for its groundbreaking work, which has earned numerous accolades.
The company’s strategy involves creating open network architectures that integrate smoothly into various ecosystems, aiming to offer secure, reliable, and sustainable networks. Nokia’s client base includes service providers, enterprises, and partners around the globe who rely on its technologies for current network requirements and collaborate with Nokia to shape the digital services and applications of the future.
This share repurchase activity is part of Nokia’s commitment to managing its capital structure and delivering value to its shareholders. The information regarding the repurchases is based on a press release statement from Nokia Corporation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.