Pair close their transaction regarding the creation of Nokia Shanghai Bell
Nokia and China Huaxin Post & Telecommunication Economy Development Centre (China Huaxin) have closed their transaction for the creation of the Nokia Shanghai Bell joint venture that brings together Alcatel-Lucent Shanghai Bell and Nokia’s China business.
The definitive agreements for integration were signed and announced on 18 May 2017.
The closing marks the official start of Nokia Shanghai Bell operations, although Alcatel-Lucent Shanghai Bell and Nokia’s China business have effectively operated as one entity since January 2016 when an interim operational agreement was signed.
The companies originally signed a memorandum of understanding (MoU) on 28 August 2015 confirming their intention to combine Nokia’s telecommunications infrastructure businesses in China and Alcatel-Lucent Shanghai Bell.
At that time, Rajeev Suri, president and CEO at Nokia Corporation, said: “Today’s agreement demonstrates Nokia’s deep commitment to China. Together with China Huaxin, Nokia will be in an excellent position to support strategic initiatives of the Chinese government such as ‘Internet Plus’ and provide a strong link between Europe and China. We look forward to joining with China Huaxin and ASB to drive innovation for customers in China and to help accelerate the country’s shift to an innovation-driven economy.”
China Huaxin Post and Telecommunication Economy Development Centre is an industrial investment company that seeks long term commercial growth opportunities in the ICT sector.