Nokia and Alcatel-Lucent merger gains Chinese approval
20 October 2015 |
Nokia’s proposed acquisition of Alcatel-Lucent has gained approval from China’s Ministry of Commerce.
Nokia said it has received antitrust clearance from the Chinese ministry of commerce (MOFCOM), bringing it one step closer to the completion of the $17.6 billion deal.
According to the ministry, Nokia had agreed to meet certain terms by December 10, mainly relating to the use of mobile telecoms standards and patent licencing. The conditions were imposed to ensure that market competition will not be impeded by the takeover.
"We look forward to maintaining our deep commitment to China and playing a key role in the country's shift towards an innovation-driven economy," said Rajeev Suri, Nokia chief executive.
The proposed deal has also gained the approval of the European Commission in July 2015.
In August 2015, Nokia agreed to create a joint venture named Nokia Shanghai Bell with China’s Huaxin.