Nokia Completes Share Buyback Program
Nokia Oyj has officially completed its share buyback program, which commenced on March 18, 2024. This strategic initiative saw the company repurchase a substantial total of 157,646,220 shares, averaging around €3.81 each, between March 20, 2024, and November 21, 2024. The completion of this program marks a significant milestone for Nokia in bolstering its shareholder value.
Future Cancellation of Shares
The shares acquired during the buyback are set to be canceled in December 2024. This action significantly reduces Nokia's free equity by €600 million, demonstrating the company's commitment to managing its capital effectively. After the buyback, Nokia retains a total of 209,702,510 of its own shares, reflecting a strategic approach to increasing financial efficiency.
Method of Acquisition
Nokia employed a directed repurchasing approach during the share buyback process. This method allows the company to acquire shares independent of the existing shareholders' proportional ownership, providing flexibility in the acquisition strategy. The shares were purchased through public trading platforms on the regulated Nasdaq Helsinki market, as well as certain multilateral trading facilities, ensuring transparency and compliance with market regulations.
Nokia's Leadership in Technology
Beyond its financial maneuvers, Nokia is acknowledged as a trailblazer in B2B technology and innovation. The company's pioneering efforts focus on developing sensory, cognitive, and intelligent networks that are positioned for the future. Nokia's expansive expertise encompasses fixed, mobile, and cloud network solutions, which are critical for both service providers and enterprises.
Innovation Through Research and Development
At the heart of Nokia's strategies is its commitment to intellectual property and continuous research and development efforts. The esteemed Nokia Bell Labs leads the way in technological advancements, ensuring that the company remains at the forefront of innovation.
Collaboration for Future Services
Nokia prioritizes partnerships to craft tomorrow's digital services and applications. As industries continue to evolve, Nokia's efficient network solutions are designed with open architecture in mind, facilitating smooth integration across various ecosystems. This adaptability not only enhances network commercialization but also promotes scalability in diverse markets.
Contact Information
For inquiries or more information, Nokia Communications can be reached at +358 10 448 4900 or via email at press.services@nokia.com. Investors can contact Nokia Investor Relations at +358 40 803 4080 or through email at investor.relations@nokia.com.
Frequently Asked Questions
What was the purpose of Nokia's share buyback program?
The share buyback program aimed to enhance shareholder value by reducing the number of outstanding shares.
How many shares did Nokia repurchase?
Nokia successfully repurchased 157,646,220 shares during the buyback program.
When will the acquired shares be canceled?
The acquired shares are set to be canceled in December 2024.
What method did Nokia use to acquire the shares?
Nokia utilized a directed repurchasing method, allowing flexibility in share acquisition.
How does Nokia contribute to B2B technology?
Nokia leads in B2B technology through innovative network solutions and collaborations aimed at developing future digital services.
