HELSINKI (Reuters) – Finnish telecom equipment maker Nokia <NOKIA.HE> on Friday said it has agreed to create a joint venture in China with state-owned Huaxin, following Nokia’s proposed takeover of Alcatel-Lucent.
Alcatel-Lucent and Huaxin currently share a similar joint venture.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1793026,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"A"}']According to a memorandum of understanding, Nokia said it expects to hold 50 percent plus one share in the new joint venture, with Huaxin holding the remaining shares.
The Nokia-Alcatel deal has not yet won approval from Chinese authorities. The transaction is expected to close next year.
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(Reporting by Jussi Rosendahl; editing by Jason Neely)
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