ESPOO, Finland - Nokia (HE:NOKIA) Corporation (NYSE:NOK) announced the acquisition of 859,289 of its own shares on Monday, as part of its ongoing share buyback program aimed at mitigating the dilutive impact of issuing new shares. The repurchase was carried out on the Helsinki Stock Exchange (XHEL) at a weighted average price of €4.25 per share, totaling a transaction cost of approximately €3.65 million.
The buyback initiative, which began on November 25, 2024, follows the company's announcement on November 22, 2024, detailing its strategy to counterbalance the dilution from new shares issued to Infinera (NASDAQ:INFN) Corporation shareholders and related share-based incentives. This move is in accordance with the Market Abuse Regulation (EU) and under the authorization granted by Nokia’s Annual General Meeting on April 3, 2024.
Nokia's program is set to continue until December 31, 2025, with the objective to repurchase up to 150 million shares, not to exceed a maximum aggregate purchase price of €900 million. As of the latest transaction, Nokia holds a total of 215,124,881 treasury shares.
The share repurchase is part of Nokia's broader commitment to delivering secure, reliable, and sustainable networks. The company, known for its work across mobile, fixed, and cloud networks, aims to create value not only through its technology innovations but also through its intellectual property and long-term research led by Nokia Bell Labs.
The repurchase program is a common practice among publicly traded companies, allowing them to return value to shareholders and potentially increase earnings per share by reducing the number of shares outstanding.
This information is based on a press release statement from Nokia Corporation.
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