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ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) has repurchased a significant number of its own shares, the company announced on Monday. The transaction is part of a broader share buyback program initiated to counteract the dilutive impact of issuing new shares to Infinera (NASDAQ:INFN) Corporation shareholders.
The Finnish telecommunications company bought back 1,247,001 shares at a weighted average price of €4.80 per share, amounting to a total expenditure of approximately €5,987,974. The buyback occurred exclusively on the Helsinki Stock Exchange (XHEL) on Monday.
This move follows the announcement made on November 22, 2024, that Nokia's Board of Directors had approved a share buyback program to mitigate the dilutive effect of new shares distributed to Infinera shareholders and related incentive plans. The program, which complies with market regulations, began on November 25, 2024, and is set to conclude by December 31, 2025. Nokia aims to repurchase up to 150 million shares, with a maximum aggregate purchase price of €900 million.
As a result of the latest transaction, Nokia now holds 250,456,659 treasury shares. The buyback program is part of Nokia's strategy to manage its capital structure and share count following the Infinera transaction.
Nokia, known for its contributions to the B2B technology sector and innovative network solutions, continues to focus on creating high-performance networks and digital services. The company's century-long history of research and development, spearheaded by the Nokia Bell Labs, underpins its commitment to secure, reliable, and sustainable network solutions.
The information disclosed is based on a press release statement by Nokia Corporation.
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