Nokia Forges China Joint Venture to Win Alca-Lu Approval
Aug 28, 2015, 7:53 AM by Eric M. Zeman
Nokia has signed a memorandum of understanding with a China government-backed investment company called Huaxin in order to encourage approval of its proposed acquisition of Alcatel-Lucent. The acquisition has already been approved by U.S. and E.U. antitrust bodies, but is awaiting China's decision. The joint venture, named Nokia Shanghai Bell, will mirror one Alcatel-Lucent had in place with Huaxin and may facilitate China's approval of the deal. Nokia will hold 50% of the company plus one share, and Huaxin will hold the rest. Nokia believes merging with Alcatel-Lucent will allow it to better compete with companies such as Ericsson and ZTE, which also provide network operators with telecommunications equipment.
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