Nokia gains control of Alcatel-Lucent, to hold around 80% of shares

Finland’s Nokia announced Monday it has gained control of French rival Alcatel-Lucent following its 15.6-billion-euro ($17 billion) all-share offer and the two telecom equipment makers would combine on January 14.

The French stock market authority said interim results showed Nokia would hold nearly 80 percent of Alcatel shares.

The offers in France and the United States will be reopened this month, and the final results will be published in February.

“We will move quickly to combine the two companies and execute our integration plans,” Nokia Chief Executive Rajeev Suri said in a statement.

“As of January 14, 2016, Nokia and Alcatel-Lucent will offer a combined end-to-end portfolio of the scope and scale to meet the needs of our global customers. We will have unparalleled R&D and innovation capabilities, which we will use to lead the world in creating next-generation technology and services.”

Nokia reiterated that the deal is expected to be closed in the first quarter.

The Alcatel acquisition will vault Nokia into a stronger position to compete with Sweden’s Ericsson and China’s Huawei [HWT.UL] in a market for telecom network gear where little growth and tough competition are pressuring prices, Reuters reported.

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