Nokia to acquire Alcatel-Lucent
Print Edition
FINLAND’S Nokia has struck a 15.6-billion-euro (US$16.6 billion) deal to buy Alcatel-Lucent to create the world’s biggest supplier of mobile phone network equipment, both firms said yesterday.
The merger of two companies that were once new technology stars but have since lost some of their luster will produce a European champion able to take on Nokia’s Swedish rival Ericsson or fierce Chinese competition.
Nokia said it had agreed to give shareholders in its Franco-American rival 0.55 share in the new merged company for every one of their own.
“This transaction comes at the right time to strengthen the European technology industry,” said Alcatel-Lucent boss Michel Combes.
“The global scale and footprint of the new company will reinforce its presence in the United States and China,” he added.
The two firms have “highly complementary portfolios and geographies, with particular strength in the United States, China, Europe and Asia-Pacific,” Nokia’s statement said.
The new firm will go by the name Nokia, be based in Finland, and be run by Nokia’s current management, it said.
The group is targeting savings of 900 million euros in costs by the end of 2019 without further job cuts on top of the restructuring already taking place in Alcatel-Lucent, both companies said.
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