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ESPOO - Nokia Oyj (HE:NOKIA) (NYSE:NOK) announced on Thursday that it has initiated a share repurchase program, buying back shares as a move to counteract the dilutive effect of stock distributed to Infinera (NASDAQ:INFN) Corporation shareholders and certain stock-based incentives. The repurchase program, which began on November 25, 2024, follows the authorization granted by Nokia's Annual General Meeting on April 3, 2024, and is in accordance with EU Market Abuse Regulation.
On December 5, 2024, Nokia acquired a total of 872,093 shares at a weighted average price of €4.04 per share, amounting to a total cost of €3,522,558. This purchase is part of a broader plan to buy back up to 150 million shares, with a maximum total expenditure of €900 million, to be completed by December 31, 2025.
Following the recent transactions, Nokia now holds 209,905,127 of its own shares. The repurchase program is being executed by BofA Securities Europe SA on behalf of Nokia.
The share buyback is a strategic effort to mitigate the dilutive impact of shares issued in connection with the company's transaction with Infinera Corporation. Nokia, a global technology leader, is recognized for its contributions to B2B technology and innovation, with a focus on creating intelligent network solutions through its fixed, mobile, and cloud services networks. The company continues to create value through intellectual property rights and research and development led by the award-winning Nokia Bell Labs.
This initiative is part of Nokia's commitment to its performance, responsibility, and security standards, which are trusted by service providers, enterprises, and partners worldwide. The information regarding this share buyback program is based on a press release statement.
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