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By | Kat Hall 4th January 2016 11:52

Alu Alu! Nokia gobbles French rival Alcatel-Lucent in €15.6bn deal

Joint biz gears up for market launch

Nokia has today confirmed the completion of its €15.6bn (£11.5bn) gobble of French rival Alcatel-Lucent.

Under the finalised deal, Nokia now holds nearly 80 per cent of outstanding ALU shares. The acquisition was announced in April, got European Union approval in July.

Rajeev Suri, president and chief executive of Nokia, said the company will begin flogging its combined products as of 14 January.

"We will have unparalleled R&D and innovation capabilities, which we will use to lead the world in creating next-generation technology and services," he said.

If Nokia reaches 95 per cent ownership of Alcatel-Lucent’s shares and convertible bonds, it intends to squeeze out the remaining shares, said the company.

Last month Nokia's shareholders gave the green light for the deal, following France's stock exchange regulator giving the go-ahead in November. ®

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