Company: NOKBF
Filing Date: 2025-10-23
Form Type: 6-K
Source: 0001104659-25-101680
Chunk: 43

Company: NOKIA CORP
Filing Date: 2025-10-23
Form: 6-K
Chunk 43
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 of its equity and voting              
 rights. The acquisition is expected to significantly improve Nokia’s scale and profitability          
 in optical networks, and accelerate Nokia’s growth strategy in data centers and strengthen            
 its presence both in North America and with hyperscalers. Nokia is reporting the acquired             
 business as part of its Network Infrastructure segment. Purchase consideration The purchase           
 consideration transferred to the Infinera shareholders comprised cash and 127 434 986 Nokia           
 shares in the form of American Depository Shares (ADSs). The fair value of Nokia shares issued        
 was determined with reference to the closing price of Nokia ADSs in the New York Stock Exchange       
 on 28 February 2025. The total purchase consideration also included the fair value of the             
 portion of Infinera’s performance and restricted shares attributable to pre-combination               
 services that were replaced with Nokia’s share-based payment awards, and the fair                     
 value of Infinera's convertible senior notes as described below. The acquisition resulted             
 in a conversion event and a “make whole fundamental change” for Infinera’s                            
 convertible senior notes in accordance with relevant indentures. The fair value of convertible        
 notes is considered as part of the purchase consideration, and it is determined with regards          
 to the pricing mechanism of the “make whole fundamental change” in accordance                         
 with the bond terms. The pricing formula included a component that is dependent on the performance    
 of Nokia ADSs 40 trading days after conversion notice from each individual bondholder. The            
 fair value of convertible notes included in the purchase consideration was determined based           
 on the closing price of Nokia ADSs in the New York Stock Exchange at the date of acquisition.         
 Conversion elections expired on 19 March 2025 with all bondholders surrendering their notes.          
 Any changes in the fair value of convertible notes between the acquisition date and the subsequent    
 settlement date is recognized as a gain or loss in the financial income and expenses in the           
 consolidated income statement. In the first and second quarter of 2025, Nokia recognized              
 EUR 23 million loss in total from the change in the value of the convertible notes between            
 the acquisition date and the settlement date. The surrendered notes were settled in cash              
 in May 2025. EUR million 28 February 2025 Cash 1 066 Infinera's convertible notes 785 Nokia           
 shares issued 584 Portion of the replacement equity awards attributable to pre-combination            
 service 61 Total purchase consideration 2 496 23 October 2025 22                                      |

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