Nokia in China telecom equipment JV
Print Edition
NOKIA and Alcatel-Lucent Shanghai Bell will set up a China telecommunications equipment joint venture next year as part of Nokia’s 15.6 billion euro (US$17.6 billion) global acquisition of Alcatel-Lucent, the firms said yesterday.
The joint venture, Nokia Shanghai Bell, will be headquartered in the China (Shanghai) Pilot Free Trade Zone. Nokia will hold a 50 percent stake plus one share, which means it has a controlling stake in the venture.
Nokia had agreed to create a Chinese joint venture with China Huaxin, a state-owned Chinese investment company with a controlling stake in Alcatel-Lucent Shanghai Bell. The venture is expected to pave the way for China to approve Nokia’s proposed takeover of Alcatel-Lucent.
“The new JV will consolidate its position in the domestic market with strong research and development ability,” Yuan Xin, China Huaxin’s general manager, said in a statement released yesterday.
The joint venture, which has a state-owned partner, China Huaxin, will help Nokia develop business in China, the world’s biggest mobile phone market with over 1 billion users, analysts said.
Both Nokia and Alcatel-Lucent are facing challenges from Chinese rivals including Huawei Technologies and ZTE Corp, both based in Shenzhen, Guangdong Province. The Chinese telecom companies are gaining market share overseas, which challenge the overseas telecom giants in their home markets.
Nokia is expected to complete the acquisition of Alcatel-Lucent globally in 2016.
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