06:19 AM EST, 11/22/2024 (MT Newswires) -- Nokia ( NOK ) said Friday it is launching a stock buyback program to repurchase 150 million shares for a total price of up to 900 million euros ($936.2 million).

The repurchases will begin Nov. 25 at the earliest and will end by Dec. 31, 2025.

Nokie said it is launching the buyback plan to "offset" the dilution from issuing new shares to Infinera's ( INFN ) stockholders, adding that it will terminate the repurchase program if the deal is canceled.

Earlier, Nokia ( NOK ) said its board resolved to issue 150 million new shares to meet the company's obligation under the merger agreement by Nokia ( NOK ), Neptune of America Corp. and Infinera ( INFN ).

The Finnish telecom company agreed to acquire Infinera ( INFN ) for an enterprise value of $2.3 billion in June.