Stock Exchange Release
11 November 2022 at 21:15 EET
Nokia completes first phase of share buyback program
Espoo, Finland – Nokia Corporation ("Nokia" or the "Company") has now completed the first phase of the share buyback program announced in February 2022. Between 14 February 2022 and 11 November 2022, Nokia repurchased 63,963,583 of its own shares (FI0009000681) at an average price per share of approximately EUR 4.69.
On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia’s Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to its shareholders in tranches over a period of two years. The first phase of the share buyback program started on 14 February 2022 with a maximum aggregate purchase price of EUR 300 million. This phase has now been completed.
The purpose of the repurchases is to optimize Nokia's capital structure through the reduction of capital. The Board of Directors of the Company will separately resolve on the cancellation of the repurchased shares.
The repurchases were executed otherwise than in proportion to the existing shareholdings of Nokia's shareholders (directed repurchases) through public trading on the regulated market of Nasdaq Helsinki and selected multilateral trading facilities.
The repurchases reduced the Company’s unrestricted equity by EUR 300,000,000. Nokia Corporation now holds a total of 97,786,461 treasury shares.
Nokia continues to target to return under the buyback program up to EUR 600 million of cash to its shareholders in tranches over a period of two years, subject to continued authorization from the Annual General Meeting.
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David Mulholland, Head of Investor Relations