Nokia Corporation
Stock Exchange Release
August 28, 2015 at 13:15 (CET 1)
Nokia and China Huaxin sign memorandum of understanding to create new joint venture combining Nokia China and Alcatel-Lucent Shanghai Bell
Beijing, China - Nokia and China Huaxin Post & Telecommunication Economy Development Center (China Huaxin) have signed a memorandum of understanding (MoU) today confirming their intention to combine Nokias telecommunications infrastructure businesses in China (Nokia China) and Alcatel-Lucent Shanghai Bell (ASB) into a new joint venture. As agreed under the MoU, Nokia expects to hold 50% plus one share in the new joint venture, with China Huaxin holding the remaining shares. Fair value compensation would be received for the contribution of relevant assets to the joint venture.
The new joint venture is conditional on and would be formed after the closing of Nokias planned combination with Alcatel-Lucent, at which point Nokia would own 50% plus one share of ASB. The new joint venture is expected to be a strong national asset based in China capable of delivering value for both parties. Nokia China and ASB are leaders in the Chinese telecommunications infrastructure market and both are long-standing contributors to the development of China and innovation in the country.
The new joint venture is planned to operate under the English name of Nokia Shanghai Bell and would be registered in the China (Shanghai) Pilot Free Trade Zone. The new joint venture would have one board of directors, one management team, unified customer and business functions, and one integrated product portfolio and R&D platform.
Rajeev Suri, President and CEO of Nokia Corporation, said: Todays agreement demonstrates Nokias 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 countrys shift to an innovation-driven economy. With this MoU now in place, we will also work closely with our new partners to make the case for swift approval of the proposed combination between Nokia and Alcatel-Lucent by the appropriate Chinese authorities.
Yuan Xin, Chairman, China Huaxin, said: We are pleased to have signed this agreement with Nokia, and firmly believe the proposed combination would reinforce our companies presence in China. By bringing these two entities together, the new company would possess greater capacity for innovation and outstanding R&D capabilities, delivering benefits to our customers and shareholders alike.
As agreed in the MoU, Nokia and China Huaxin will negotiate the final terms of how the new joint venture would be created. A deadlock mechanism exists within the MoU to ensure final agreement is reached between Nokia and China Huaxin regarding the terms of transfer and valuation of all relevant assets. This mechanism would deliver a resolution if definitive agreement has not been reached within nine months after completion of Nokias proposed combination with Alcatel-Lucent.
Until the closing of the proposed combination between Nokia and Alcatel-Lucent, Nokia China and ASB will continue to operate as two independent companies.
About Nokia
By focusing on the human possibilities of technology, Nokia embraces the connected world to help people thrive. Our three businesses are leaders in their fields: Nokia Networks provides broadband infrastructure, software and services; HERE provides mapping, navigation and location intelligence; and Nokia Technologies provides advanced technology development and licensing. http://www.nokia.com
About Huaxin
China Huaxin Post & Telecommunication Economy Development Center (China Huaxin) is an industrial investment company that seeks long-term commercial growth opportunities in the Information and Communications Technologies (ICT) sector. China Huaxin has extensive global operations and international investment experience. China Huaxin aspires to be a competitive global industry holding group that creates long-term value for its stakeholders and for society as a whole by nurturing and advancing technology innovation in the Information Industry.
About Nokia China
Nokia China provides telecom infrastructure software, hardware and services to leading mobile operators in China. It has four R&D innovation hubs, two manufacturing facilities and one service delivery center, as well as offices across the country. In 2014, Nokia received the Peoples Republic of China Friendship Award and the Marco Polo Award.
About Alcatel-Lucent Shanghai Bell
Alcatel-Lucent Shanghai Bell (ASB) provides end-to-end telecommunication solutions and high-quality services to customers in China and worldwide. It has a 30-year history in China and represents the first foreign investment joint venture in Chinas high-tech sector. ASBs extensive sales and service networks cover all the provinces of China and more than 50 countries worldwide. ASB also hosts an Alcatel-Lucent University campus in its Shanghai location. http://www.alcatel-sbell.com.cn
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that reflect Nokias current expectations and views of future events and developments. Some of these forward-looking statements can be identified by terms and phrases such as expect, will and similar expressions. These forward-looking statements include statements relating to the expected transaction between Nokia and Huaxin, the structure and the terms of such transaction, the expe
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
06/05/2024
By Ilyse McKimmie
Now, more than ever
That's a phrase so often used in the last few years that I've come to dread seeing it in notes like this one. A...
06/05/2024
alt= class=wp-image-12099 data-lazy-src=/wp-content/uploads/2024/05/Blog-Exabyte-Storage-Demand-960x540-1.jpg/> Demand for storage solutions has reached unprece...
06/05/2024
Around the world, Asian and Pacific Islander (API) artists continue to impact mu...
06/05/2024
Spotify is making it easier for booklovers to count down the days, hours, minutes, and seconds until a new audiobook releases. With Countdown Pages for audioboo...
06/05/2024
Get Ready to join Dan Hong as he hits the streets in his ultimate culinary journ...
06/05/2024
In this video, cinematographer Simon Rowling welcomes viewers behind the scenes as he lights a daytime-interior scene inside a coffee shop. Shooting on Panavisi...
06/05/2024
L3Harris is well positioned to support the complex and multifaceted nature of special operations forces in all domains through our agile and responsive technolo...
06/05/2024
OAKVILLE, Ontario As part of Emergency Preparedness Week, Alert Ready, Canadas national public alerting system, will be distributing a test alert to Canadians i...
06/05/2024
NEW ROCHELLE, N.Y. Horowitz Research has released a new study on the viewing and media habits of U.S. Hispanic/Latine audiences that shows a dramatic decline in...
06/05/2024
RE:Vision Effects Autograph 2024.4 released! 50% Off Through May 9th
Brie Clayton May 6, 2024
0 Comments
New game-changing motion graphics & VFX featu...
06/05/2024
NBC has renewed Night Court for a third season. The courtroom comedy was on the network from 1984 to 1992, and NBC rebooted it in early 2023....
06/05/2024
ABC has revealed its summer schedule. The Bachelorette gets going Monday, July 8, with Jenn Tran the star in season 21. Celebrity Family Feud starts up Tuesday,...
06/05/2024
It's almost go-time for the Holly Springs Salamanders! The season opener is ...
06/05/2024
FIRST LOOK AT JIM PARSONS & MAYIM BIALIK REPRISING THEIR ROLES FROM THE BIG BAN...
06/05/2024
NBC Sports and Churchill Downs Extend Historic Partnership, Kentucky Derby to Be...
06/05/2024
Beverly Hills Aerials, LIV Golf Make Australian-Broadcast History by Flying Live...
06/05/2024
Back to All News
Watch the Trailer for A Part of You - Felicia Maxime, Edvin Ry...
06/05/2024
Leadership in 12G-SDI for low impact migration to 4k production...
06/05/2024
Press release - 6 May 2024 07:31
STATEMENT CONCERNING EUTELSAT GROUP'S GROUND NETWORK Facebook
LinkedIn
Twitter
Download as PDF
Paris, 06 May 2024 ...
06/05/2024
Tyngsboro, Mass. - May 6, 2024 - Join us at InfoComm 2024 to experience the latest advancements in live production technology. From June 12-14, 2024, at the Las...
06/05/2024
To champion global movements to protect and advance equality for LGBTQ+ communities, Apple is introducing a new Apple Watch Pride Edition Braided Solo Loop, ava...
06/05/2024
Actress Matseliso Mohale has joined Muvhango'Talented actress Matseliso Mohale has joined SABC2's soapie Muvhango' as Vhangani's lover and a c...
06/05/2024
Tonight on Smoke and Mirrors: Leroy refuses to give up fighting to bury MthethoDon't miss Monday, 6 May's riveting episode of South African soapie Smoke...
06/05/2024
Intrinsic, a software and AI robotics company at Alphabet, has integrated NVIDIA AI and Isaac platform technologies to advance the complex field of autonomous r...
06/05/2024
Cybersecurity experts at the RSA Conference this week will be on the hunt for ways to secure their operations in the era of generative AI.
They'll find man...
06/05/2024
1) What is the rationale of the transaction? What is the benefit for SES shareholders?
This combination creates a stronger and more competitive multi-orbit ope...
05/05/2024
A special evening performance by multiplatinum singer Becky G will provide a memorable conclusion to TeievisaUnivision's Casa Cultura upfront event on May 1...
05/05/2024
Giant media buyer Publicis is telling network sales executives that it does not think Nielsen's new panel-plus-big-data currency is ready for this upfront....
05/05/2024
WASHINGTON Glenn Kirschner, legal analyst at NBC News, blasted the media for referring to the New York trial of former President Donald Trump as a hush-money ...
05/05/2024
Catchy Comedy's weekend marathon sees The Beverly Hillbillies on the weekend of May 4-5. The event kicks off Saturday, May 4 at 11 a.m. ET, and runs through...
05/05/2024
NBC Sports has the 150th Kentucky Derby Saturday, May 4. The coverage begins at 2:30 p.m. ET on NBC and Peacock and the feature race at Churchill Downs in Louis...
05/05/2024
Back to All News
Netflix Announces New Comedy Series Roosters, Starring Jeroen ...
05/05/2024
Back to All News
Showdown Alert: Baki Hanma VS Kengan Ashura' Drops Electr...
04/05/2024
NEW YORK As the Asian Pacific American Heritage Month kicks off in May, Nielsen has released an extensive new report diving into their media habits with data sh...
04/05/2024
PHILADELPHIA As National Military Appreciation Month gets underway, Comcast has announced several new initiatives to help veterans, service members, and their f...
04/05/2024
WASHINGTON, D.C. Federal Communications Commission chairwoman Jessica Rosenworcel has announced a tentative agenda for the May Open Commission Meeting scheduled...
04/05/2024
The Broadband Forum has announced major enhancements to key 5G convergence standards that the group said will help advance next-generation applications, improve...
04/05/2024
Spotify Wrapped Campaign Spot Graded With DaVinci Resolve Studio
Brie Clayton May 3, 2024
0 Comments
Blackmagic Design today announced that Colorist M...
04/05/2024
Three Boston Conservatory at Berklee Alums Nominated for Tony Awards An additional eight alums and two current students performed in nominated productions.
...
04/05/2024
New faces and new storylines': What to expect on Izingane ZeS'thembu...
03/05/2024
An innovative learning tool to help media and civil society better understand ho...
03/05/2024
PARK CITY, UTAH - JANUARY 21: (L-R) Actors K stutis Cic nas and Greta Grinevi i t , Director Marija Kavtaradze and Producer Marija Razgute attend the 2023 Sunda...
03/05/2024
If you aren't familiar with Danny Ocean's music, it's only a matter ...
03/05/2024
Spotify has an unwavering commitment to supporting emerging artists across all genres, to helping them launch and thrive in their careers, and to connecting the...
03/05/2024
Como uno de los sonidos de mayor expansi n en el mundo, la M sica Mexicana va m ...
03/05/2024
As one of the fastest-growing sounds worldwide, M sica Mexicana is more than jus...
Nokia Corporation
