Nokia to Purchase Networks Rival Alcatel-Lucent for Nearly $16.7 Billion
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Photo by Patrik Stollarz/Getty Images(NEW YORK) — Nokia announced on Wednesday an agreement to purchase networks rival Alcatel-Lucent to “combine to create an innovation leader in next generation technology and services for an IP-connected world.”
According to a Nokia press release, the purchase will cost 15.6 billion euros — or nearly $16.7 billion. The transaction has been approved by the boards of directors for each company, and is expected to close in the first half of 2016.
Rajeev Suri, president and CEO of Nokia, said in a press release that the combined company will have “the scale to lead in every area in which we choose to compete, drive profitable growth, meet the needs of global customers, develop new technologies, build on our successful intellectual property licensing, and create value for our shareholders.”
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