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Nokia (NOK), China Huaxin Enter Agreement to Form New Joint Venture in China

August 28, 2015 6:19 AM EDT

Nokia (NYSE: NOK) and China Huaxin Post & Telecommunication Economy Development Center ("China Huaxin") have signed a memorandum of understanding ("MoU") confirming their intention to combine Nokia's 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... More