Nokia launches share buyback program to offset the dilutive effect of the Infinera acquisition
November 22 2024 - 4:15AM
UK Regulatory
Nokia launches share buyback program to offset the dilutive effect
of the Infinera acquisition
Nokia Corporation
Stock Exchange Release
22 November 2024 at 12:15 EET
Nokia launches share buyback program to offset the
dilutive effect of the Infinera acquisition
Espoo, Finland – In line with the announcement made on 27 June
2024, Nokia Corporation ("Nokia" or the "Company") has today
decided to launch a share buyback program to offset the dilutive
effect of issuing new shares to the shareholders of Infinera
Corporation and from Infinera’s existing share-based incentives.
The daily buyback volume is expected to increase following the
completion of the Infinera acquisition, and the program will be
terminated if the acquisition is cancelled.
The main terms of the share buyback program:
• The program targets to
repurchase 150 million shares, for an aggregate purchase price not
exceeding EUR 900 million.
• The repurchases will start
at the earliest on 25 November 2024 and end latest by 31 December
2025.
• The purpose of the
repurchases is to reduce Nokia’s capital to offset the dilution
from issuing additional shares. The repurchased shares will be
cancelled accordingly. The repurchases will be funded using the
Company's funds in the reserve for invested unrestricted equity and
the repurchases will reduce the Company's total unrestricted
equity.
• The repurchases are based
on the authorization granted to the Board of Directors by Nokia's
Annual General Meeting on 3 April 2024. The maximum number of
shares that can be repurchased under the program is 150 million
shares corresponding to approximately 3% of the total number of
shares in Nokia.
• The shares will be acquired
through public trading on the regulated market of Nasdaq Helsinki
and select multilateral trading facilities. No repurchases will be
made in the United States. Nokia has appointed a third-party broker
as the lead-manager for the buyback program. The lead-manager will
make trading decisions independently of and without influence from
Nokia. The repurchases will be carried out in accordance with the
so-called safe harbour rules referred to in Article 5 of the EU
Market Abuse Regulation (EU N:o 596/2014).
• The price payable per share
shall be determined in public trading on the relevant trading venue
at the time of the repurchase, in compliance with the price and
volume limits applicable under the safe harbour rules.
The program may be terminated prior to its scheduled end date
and Nokia will in such case issue a stock exchange release to this
effect.
About Nokia
At Nokia, we create technology that helps the world act
together.
As a B2B technology innovation leader, we are pioneering
networks that sense, think and act by leveraging our work across
mobile, fixed and cloud networks. In addition, we create value with
intellectual property and long-term research, led by the
award-winning Nokia Bell Labs.
With truly open architectures that seamlessly integrate into any
ecosystem, our high-performance networks create new opportunities
for monetization and scale. Service providers, enterprises and
partners worldwide trust Nokia to deliver secure, reliable, and
sustainable networks today – and work with us to create the digital
services and applications of the future.
Inquiries:
Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications
Nokia
Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com
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