You are here

US regulator clears Nokia acquisition of Alcatel-Lucent

1491535567547 - 27_07_2015 - NOKIA-RESULTS_.jpg
Finnish telecom group Nokia announced on Monday it has received all US regulatory approvals needed for its proposed acquisition of Alcatel-Lucent, taking a step closer towards creating the world's biggest supplier of mobile phone network equipment.

[HELSINKI] Finnish telecom group Nokia announced on Monday it has received all US regulatory approvals needed for its proposed acquisition of Alcatel-Lucent, taking a step closer towards creating the world's biggest supplier of mobile phone network equipment.

Following its previous anti-trust clearance from the US Justice department, the acquisition of the French-American company has now also been cleared by the Committee on Foreign Investment in the United States (CFIUS), Nokia said in a statement.

In mid-April Nokia struck a 15.6 billion euro (US$17.6 billion) deal to buy its troubled rival Alcatel-Lucent, which only had one year of profit since the company was created in 2006.

The tie-up was approved by the European Commission in July.

sentifi.com

Market voices on:

"Both companies will continue to work closely with the few remaining antitrust authorities in the relevant jurisdictions to conclude their regulatory reviews as quickly as possible," the Nokia statement said.

EU regulators approved the buyout in July.

The proposed transaction, which still needs the approval of Nokia shareholders, aims to open up the North American market for Nokia, which has been dominant in Europe.

The deal is expected to close in the first half of 2016.

AFP

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom