IN BRIEF: Nokia launches buyback amid Infinera acquisition

22nd November 2024 21:21

Nokia Corp - Espoo, Finland-based telecommunications and information technology company - Launches share buyback programme to offset the dilutive effect of issuing new shares to the shareholders of Infinera Corp and from Infinera’s existing share-based incentives. The programme will be terminated if the acquisition is cancelled. The programme targets to repurchase 150 million shares, for up to EUR900 million. Repurchases will start at the earliest next Monday and end latest by the end of 2025. The repurchases will be funded using funds in the reserve for invested unrestricted equity and the repurchases will reduce the total unrestricted equity. No repurchases will be made in the US.

In June, Nokia said it will buy Infinera Corp, a San Jose, California-based supplier of open optical network solutions and advanced optical semiconductors, for an enterprise value of GBP2.3 billion.

Current stock price: EUR4.01

12-month change: up 23%

By Jeremy Cutler, Alliance News reporter

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